Bill Status of SB0589  93rd General Assembly

Short Description:  PEN CD-UNIV-INCR DEATH BENEFIT

Senate Sponsors
Sen. James F. Clayborne, Jr. - Bill Brady and Richard J. Winkel, Jr.

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

Statutes Amended In Order of Appearance
40 ILCS 5/15-142from Ch. 108 1/2, par. 15-142
40 ILCS 5/15-145from Ch. 108 1/2, par. 15-145


Synopsis As Introduced
Amends the State Universities Article of the Illinois Pension Code. Increases certain death benefits from $1,000 to $5,000. Provides that these benefits are in the nature of life insurance and are intended to be not subject to the federal income tax. Effective immediately.

 Pension Note (Pension Laws Commission)
 The System's actuary has determined the cost of SB 589 to be negligible

 Fiscal Note (State Universities Retirement System)
 This proposal would add only $2.5 million to the SURS actuarial accrued liability. It would diminish the SURS funding ration by .01% and increase the State's ultimate contribution rate by .02%.

Actions 
DateChamber Action
  2/18/2003SenateFiled with Secretary by Sen. James F. Clayborne, Jr.
  2/18/2003SenateFirst Reading
  2/18/2003SenateReferred to Rules
  2/19/2003SenateAssigned to Licensed Activities
  2/26/2003SenateRe-referred to Rules
  2/26/2003SenateRe-assigned to Insurance & Pensions
  2/28/2003SenatePension Note Filed As Introduced
  3/5/2003SenateTo Subcommittee
  3/13/2003SenateDo Pass Insurance & Pensions; 010-000-000
  3/13/2003SenatePlaced on Calendar Order of 2nd Reading March 18, 2003
  3/18/2003SenateFiscal Note Requested by Sen. Bill Brady
  3/24/2003SenateAdded as Co-Sponsor Sen. Richard J. Winkel, Jr.
  3/25/2003SenateFiscal Note Filed
  4/4/2003SenateThird Reading Deadline Extended - Rule 2-10(e) to April 9, 2003.
  7/1/2003SenatePursuant to Senate Rule 3-9(b) / Referred to Rules
  11/15/2004SenateChief Co-Sponsor Changed to Sen. Bill Brady
  1/11/2005SenateSession Sine Die