91st General Assembly
Summary of HB4194
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House Sponsors:

Short description: 
PEN CD-STATE UNIV-OMNIBUS                                                  

Synopsis of Bill as introduced:
        Amends the Illinois Pension Code and the  State  Employees  Group      
   Insurance  Act of 1971 to make numerous changes affecting eligibility,      
   benefits, and administration of benefits  for  members  of  the  State      
   Universities Retirement System.  Effective immediately.                     
          PENSION NOTE (Pension Laws Commission)                               
          Some of the provisions of HB 4194 will have a fiscal impact on       
          the State Universities Retirement System:                            
           Initial Automatic Increases                                         
            Increase in accrued liability                    $6.2 million      
            Increase in annual cost                            very minor      
           Minimum Survivor Annuities and Annual Increases                     
            Increase in accrued liability                   $58.9 million      
            Increase in total annual cost (0.01% of payroll)     $127,000      
            Increase in annual contributions:                                  
            FY 2005 (0.03% of payroll)                      $ 0.9 million      
            FY 2045 (0.05% of payroll)                      $13.3 million      
           Early Retirement Option (ERO) Contributions                         
            Increase in accrued liability                   $64.0 million      
            Additional annual accrued liability                                
            (until ERO sunset date in 2002)            $15 to $30 million      
Last action on Bill: SESSION SINE DIE

   Last action date: 01-01-09

           Location: House

 Amendments to Bill: AMENDMENTS ADOPTED: HOUSE -   0     SENATE -   0


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