92nd General Assembly
Summary of HB2370
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House Sponsors:
SMITH,MICHAEL-BOST-STEPHENS-RIGHTER.

Senate Sponsors:
LUECHTEFELD-DONAHUE-BRADY,B-DEMUZIO

Short description: 
PEN CD-UNIV-INCREASE MINIMUM                                               

Synopsis of Bill as introduced:
        Amends the State Universities Article  of  the  Illinois  Pension      
   Code.    Provides  for  a  change  in  the  minimum  survivor annuity.      
   Effective immediately.                                                      
          PENSION NOTE (Pension Laws Commission)                               
          The System's actuary estimates the cost of HB 2370 to be minor.      
        HOUSE AMENDMENT NO. 1.                                                 
          Adds reference to:                                                   
          40 ILCS 5/15-145                from Ch. 108 1/2, par. 15-145        
          40 ILCS 5/15-153.3              from Ch. 108 1/2, par. 15-153.3      
        Further amends the State Universities  Article  of  the  Illinois      
   Pension  Code.   Changes  the  initial  automatic  annual  increase in      
   disability benefit from 7%, payable after 4 years, to 0.25%  for  each      
   full  month  since  the  benefit  began, payable on the January 1 next      
   following the granting of the benefit.  Restores benefits  to  certain      
   surviving  spouses  whose  pensions  were  terminated upon remarriage,      
   beginning July 6, 2000.                                                     
        HOUSE AMENDMENT NO. 2.                                                 
        In the provisions restoring annuities that were terminated for         
   remarriage prior to age 55, deletes the reference to age 55.                
        HOUSE AMENDMENT NO. 4.                                                 
          Adds reference to:                                                   
          40 ILCS 5/15-135                from Ch. 108 1/2, par. 15-135        
          40 ILCS 5/15-167.3 new                                               
        Further  amends the State  Universities  Article of the  Illinois      
   Pension Code. Provides for a  change in the  minimum survivor  annuity      
   Allows retirement  at any age with 30  years of service,  beginning in      
   2002.   With respect  to  the   management  of  the  System's  assets,      
   encourages  the use of  emerging  investment  managers,   female-owned      
   businesses,   minority-owned  businesses,   and  businesses  owned  by      
   persons with disabilities. Effective immediately.                           
 
Last action on Bill: PUBLIC ACT.............................. 92-0749

   Last action date: AUG-02-2002

           Location: House

 Amendments to Bill: AMENDMENTS ADOPTED: HOUSE -   3     SENATE -   0


   END OF INQUIRY 



 Full Text  Bill Status