Illinois General Assembly - Bill Status for HB1556

Synopsis As Introduced
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.

Actions

Date	Chamber	Action
2/7/2003	House	Filed with the Clerk by Rep. Michael K. Smith
2/10/2003	House	First Reading
2/10/2003	House	Referred to Rules Committee
2/11/2003	House	Assigned to Executive Committee
2/20/2003	House	Pension Note Filed
3/13/2003	House	Rule 19(a) / Re-referred to Rules Committee
1/11/2005	House	Session Sine Die

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