Illinois General Assembly - Bill Status for HB2546
Illinois General Assembly

Previous General Assemblies

 Bill Status of HB2546  93rd General Assembly


Short Description:  PEN CD-SERS-INCR RETMT FORMULA

House Sponsors
Rep. Michael K. Smith

Last Action
DateChamber Action
  1/11/2005HouseSession Sine Die

Statutes Amended In Order of Appearance
40 ILCS 5/14-108from Ch. 108 1/2, par. 14-108
40 ILCS 5/14-133from Ch. 108 1/2, par. 14-133


Synopsis As Introduced
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.

Actions 
DateChamber Action
  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

Back To Top