PEN CD-ST POLICE "DROP" PLAN
Synopsis of Bill as introduced:
Amends the State Employee Article of the Illinois Pension Code.
Provides a Deferred Retirement Option Plan for State Police, under
which a State Policeman who is at least age 50 with 20 years of
eligible creditable service may continue in active service for up to
3 years while having his or her retirement annuity paid into a special
account, to be distributed to the employee upon retirement. Bases the
retirement annuity on the employee's service and average salary as of
the time of joining the DROP plan. Requires termination of service at
the end of the DROP plan participation period. Effective immediately.
HOUSING AFFORDABILITY NOTE (Housing Development Authority)
No fiscal effect on a single-family residence.
PENSION NOTE (Pension Laws Commission)
Estimated increase in accrued liability of SERS is $60.5
million; estimated increase in total annual cost is 4.428% of
Last action on Bill: SESSION SINE DIE
Last action date: 01-01-09
Amendments to Bill: AMENDMENTS ADOPTED: HOUSE - 0 SENATE - 0
END OF INQUIRY
Full Text Bill Status