HOEFT-MCGUIRE AND TURNER,JOHN. 40 ILCS 5/14-114 from Ch. 108 1/2, par. 14-114 40 ILCS 5/14-114.1 new 40 ILCS 5/14-119 from Ch. 108 1/2, par. 14-119 40 ILCS 5/14-121 from Ch. 108 1/2, par. 14-121 40 ILCS 5/14-128 from Ch. 108 1/2, par. 14-128 40 ILCS 5/14-131 from Ch. 108 1/2, par. 14-131 40 ILCS 5/15-136 from Ch. 108 1/2, par. 15-136 40 ILCS 5/15-136.3 40 ILCS 5/15-137.1 new 40 ILCS 5/15-145 from Ch. 108 1/2, par. 15-145 40 ILCS 5/15-155 from Ch. 108 1/2, par. 15-155 40 ILCS 5/15-165 from Ch. 108 1/2, par. 15-165 40 ILCS 5/16-133.1 from Ch. 108 1/2, par. 16-133.1 40 ILCS 5/16-134.1 new 40 ILCS 5/16-143.1 from Ch. 108 1/2, par. 16-143.1 40 ILCS 5/16-158 from Ch. 108 1/2, par. 16-158 40 ILCS 5/17-119 from Ch. 108 1/2, par. 17-119 40 ILCS 5/17-119.2 new 40 ILCS 5/17-122 from Ch. 108 1/2, par. 17-122 30 ILCS 805/8.25 new Amends the State Employee, Universities, and Downstate and Chicago Teacher Articles of the Illinois Pension Code. Declares it to be the public policy of this State and the intention of the General Assembly to protect annuitants against significant decreases in the purchasing power of retirement and survivor's annuities. Directs the affected retirement systems to review and report on significant changes in purchasing power. Provides for a one-time increase in certain retirement and survivor's annuities. Requires the resulting liability to be paid on a level dollar basis over a period of 10 years beginning July 1, 2003. Amends the State Mandates Act to require implementation without reimbursement. Effective immediately. PENSION NOTE (Pension Laws Commission) HB 477 would increase the annuities of 26,850 retirees and survivors and increase the accrued liabilities of the affected systems by $251.1 million. The annual level dollar payment required to amortize the increase in accrued liability over 10 years is estimated to be $33.4 million (excluding Chicago Teachers' Pension Fund for which HB 477 does not require an amortization payment). The fiscal impact of HB 477 on each of the affected Systems is as follows: State Employees Retirement System increase in accrued liabilities $ 37.9 million annual payment to amortize over 10 years $ 6.0 million number of increased annuities 8,050 State Universities Retirement System increase in accrued liabilities $31.3 million annual payment to amortize over 10 years $ 6.1 million number of increased annuities 2,900 Teachers' Retirement System increase in accrued liabilities $142.8 million annual payment to amortize over 10 years $ 21.3 million number of increased annuities 13,100 Chicago Teachers' Pension Fund increase in accrued liabilities $ 39.1 million annual payment to amortize over 10 years $ 8.1 million number of increased annuities 2,800 JAN-31-2001 H FILED WITH CLERK JAN-31-2001 H FIRST READING JAN-31-2001 H REFERRED TO HOUSE RULES COMMITTEE RULES FEB-06-2001 H ASSIGNED TO COMMITTEE PERS PENSION FEB-09-2001 H PENSION NOTE FILED FEB-09-2001 H COMMITTEE PERS PENSION MAR-16-2001 H RE-REFERRED TO RULES COMM/RULE 19(A) RULES HRUL APR-03-2001 H ADDED AS A JOINT SPONSOR MCGUIRE MAY-15-2001 H ADDED AS A CO-SPONSOR TURNER,JOHN JAN-07-2003 H SESSION SINE DIE END OF INQUIRY Full Text Bill Summary