PENCD-SERS-ALT FORMULA-4% AAI House SponsorsRep. Michael K. Smith 1/11/2005HouseSession Sine Die 40 ILCS 5/14-114from Ch. 108 1/2, par. 14-11440 ILCS 5/14-119from Ch. 108 1/2, par. 14-11940 ILCS 5/14-121from Ch. 108 1/2, par. 14-12140 ILCS 5/14-128from Ch. 108 1/2, par. 14-128 Amends the State Employee Article of the Illinois Pension Code. Increases the automatic annual increase in annuity from 3% to 4% for persons who receive the alternative retirement formula, for their surviving spouses, and for persons receiving an occupational death benefit based on the death of a person who, on his or her last day of service, was earning eligible creditable service. Removes the age requirement for receiving the automatic annual increase in retirement annuity for persons who receive the alternative retirement formula. Effective immediately.Pension Note (Pension Laws Commission) The Commission's actuary estimates that HB 1556 will increase the accrued liability of the System by $299.1 million. The increase in annual costs is estimated to be $28.6 million or 0.80% of total payroll and 3.26% of alternative formula payroll. 2/7/2003HouseFiled with the Clerk by Rep. Michael K. Smith 2/10/2003HouseFirst Reading 2/10/2003HouseReferred to Rules Committee 2/11/2003HouseAssigned to Executive Committee 2/20/2003HousePension Note Filed 3/13/2003HouseRule 19(a) / Re-referred to Rules Committee 1/11/2005HouseSession Sine Die