Senate Sponsors: MAITLAND. 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 SB 1501 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: Senate Amendments to Bill: AMENDMENTS ADOPTED: HOUSE - 0 SENATE - 0 END OF INQUIRY Full Text Bill Status