91st General Assembly Summary of SB1254    [ Home ]   [ Back ]   [ Legislation ]

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Senate Sponsors:
BOMKE-MAITLAND-DONAHUE-LUECHTEFELD-MYERS,J.

Short description: 
PEN CD-ONE-TIME INCREASES                                                  

Synopsis of Bill as introduced:
        Amends the State Employee, State Universities, Downstate Teacher,      
   and Chicago Teacher Articles of the Pension  Code  to  provide  for  a      
   one-time  increase  in  certain  retirement  and survivor's annuities.      
   Amends the  State  Mandates  Act  to  require  implementation  without      
   reimbursement.  Effective immediately.                                      
          PENSION NOTE (Pension Laws Commission)                               
          SB1254 would increase the accrued liabilities of the affected        
          systems by $870.6 million. The estimated fiscal impact for each      
          system is as follows:                                                
           State Employees' Retirement System              $210.5 million      
           State Universities Retirement System             139.5 million      
           Teachers' Retirement System                      399.1 million      
           Chicago Teachers' Pension Fund                   121.5 million      
 
Last action on Bill: SESSION SINE DIE

   Last action date: 01-01-09

           Location: Senate

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


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