PEN CD-SERS-INCR RETMT FORMULA House SponsorsRep. Michael K. Smith 1/11/2005HouseSession Sine Die 40 ILCS 5/14-108from Ch. 108 1/2, par. 14-10840 ILCS 5/14-133from Ch. 108 1/2, par. 14-133 Amends the State Employee Article of the Illinois Pension Code. Increases the retirement formula for certain regular coordinated members from 1.67% to 2.0% of final average compensation per year of service. Increases the employee contribution rate for those members from 4.0% to 5.03%. Effective immediately.Pension Note (Pension Laws Commission) Accrued liability of the System increased by an estimated $663.9 million. The contributions required to amortize this increase in accrued liability have not been calculated, but would be substantial. The normal cost (benefits earned in a year) is expected to be 1.03% of payroll, which would be offset by the 1.03% of salary increase in employee contributions. If members of SERS start to retire earlier, the costs of HB2546 would be higher than outlined above. 2/20/2003HouseFiled with the Clerk by Rep. Michael K. Smith 2/20/2003HouseFirst Reading 2/20/2003HouseReferred to Rules Committee 2/26/2003HouseAssigned to Executive Committee 3/13/2003HouseRule 19(a) / Re-referred to Rules Committee 4/7/2003HousePension Note Filed 1/11/2005HouseSession Sine Die