PEN CD-SERS-ALT FORMULA Senate SponsorsSen. John M. Sullivan House Sponsors(Rep. Jil Tracy) 1/12/2011SenateSession Sine Die 40 ILCS 5/14-110from Ch. 108 1/2, par. 14-110Amends the State Employee Article of the Illinois Pension Code. Allows a person employed on a full-time basis by the Illinois Department of Transportation in the position of highway maintainer who has in excess of 20 years of eligible creditable service under the alternative formula to elect to establish eligible creditable service under the alternative formula for up to 5 years of his or her service at Illinois Veterans Homes. Effective immediately.Senate Committee Amendment No. 1 Replaces the new language with language that allows a member employed on a full-time basis by the Illinois Department of Transportation in the position of highway maintainer who has at least 20 years of creditable service under the alternative formula to elect, within 6 months of the effective date of the amendatory Act, to convert up to 5 years of service under the Article rendered at Illinois Veterans Homes to service under the alternative formula by paying to the Fund an amount equal to the increase in the present value of future benefits, as calculated by the System. Provides that, in calculating the increase in the present value of future benefits, the System shall use the same actuarial assumptions used in the most recent actuarial valuation. Requires the member to submit the required contributions prior to retirement. 2/3/2010SenateFiled with Secretary by Sen. John M. Sullivan 2/3/2010SenateFirst Reading 2/3/2010SenateReferred to Assignments 2/16/2010SenateAssigned to Pensions and Investments 2/24/2010SenatePostponed - Pensions and Investments 3/1/2010SenateSenate Committee Amendment No. 1 Filed with Secretary by Sen. John M. Sullivan 3/1/2010SenateSenate Committee Amendment No. 1 Referred to Assignments 3/2/2010SenateSenate Committee Amendment No. 1 Assignments Refers to Pensions and Investments 3/3/2010SenateSenate Committee Amendment No. 1 Adopted 3/4/2010SenateDo Pass as Amended Pensions and Investments; 009-000-000 3/4/2010SenatePlaced on Calendar Order of 2nd Reading March 9, 2010 3/11/2010SenateSecond Reading 3/11/2010SenatePlaced on Calendar Order of 3rd Reading March 12, 2010 3/12/2010SenateVerified 3/12/2010SenateThird Reading - Passed; 030-019-000 3/12/2010HouseArrived in House 4/23/2010HouseChief House Sponsor Rep. Jil Tracy 4/23/2010HousePlaced on Calendar Order of First Reading 4/23/2010HouseReferred to Rules Committee 1/12/2011SenateSession Sine Die