Illinois General Assembly - Bill Status for SB1208

Home

Legislation & Laws

Senate

House

My Legislation

Site Map

Previous General Assemblies

Bill Status of SB1208 93rd General Assembly

Full Text Votes Witness Slips View All Actions Printer-Friendly Version

Short Description: PEN CD-SERS-INCR RETMT FORMULA

Senate Sponsors
Sen. Don Harmon - Denny Jacobs

Last Action

Date	Chamber	Action
1/11/2005	Senate	Session Sine Die

Statutes Amended In Order of Appearance

40 ILCS 5/14-108

from Ch. 108 1/2, par. 14-108

40 ILCS 5/14-133

from 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% to 5%. Effective immediately.

	Fiscal Note (State Retirement Systems)
	Based on our analysis, as of June 30, 2001, 57,558 active members and 5,032 deferred members would be affected by the change. The increase for active members is estimated to be $624.6 million or 1.03% of payroll and deferred members is estimated to be $39.3 million.

Pension Note (Pension Laws Commission)

SB 1208 would increase the accrued liability of the System by an estimated $663.9 million. The contributions required to amortize this increase in accrued liability have not been calculated, but would be substantial. In addition, the increase in 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. It should be noted that these cost estimates assume a change in the formula would not change the timing of retirement decisions. If members of SERS start to retire earlier, the costs of SB 1208 would be higher than outlined above.

Actions

Date	Chamber	Action
2/20/2003	Senate	Filed with Secretary by Sen. Don Harmon
2/20/2003	Senate	First Reading
2/20/2003	Senate	Referred to Rules
2/27/2003	Senate	Assigned to Insurance & Pensions
3/12/2003	Senate	Added as Chief Co-Sponsor Sen. Denny Jacobs
3/13/2003	Senate	Do Pass Insurance & Pensions; 010-000-000
3/13/2003	Senate	Placed on Calendar Order of 2nd Reading March 18, 2003
3/18/2003	Senate	Fiscal Note Requested by Sen. Bill Brady
3/24/2003	Senate	Fiscal Note Filed
4/1/2003	Senate	Pension Note Filed As Introduced
4/4/2003	Senate	Third Reading Deadline Extended - Rule 2-10(e) to April 9, 2003.
7/1/2003	Senate	Pursuant to Senate Rule 3-9(b) / Referred to Rules
1/11/2005	Senate	Session Sine Die

×