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Synopsis As Introduced Amends the State Employee Article of the Illinois Pension Code. Provides the alternative (State police) retirement formula for certain automotive mechanics employed by the Illinois State Toll Highway Authority who are assigned to retrieve or repair State vehicles on State highways or tollways and certain sign hangers employed by the Department of Transportation. In provisions concerning the alternative retirement formula, removes references to obsolete job designations of the Illinois State Toll Highway Authority. Includes language concerning new benefit increases. Effective immediately.
House Committee Amendment No. 1 Provides that a change adding certain sign hangers and sign hanger foremen employed by the Department of Transportation to the alternative formula apply without regard to whether the member was in service on or after its effective date, but does not entitle any person to recalculation of any pension or other benefit already granted.
According to SERS, adding additional members to the alternative formula increases the accrued liability of the system by $50,000 to $185,000 per person, depending on the amount of each individual’s past service.
According to SERS, adding additional members to the alternative formula increases the accrued liability of the system by $50,000 to $185,000 per person, depending on the amount of each individual’s past service.
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