90th General Assembly
Summary of SB1369
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Senate Sponsors:
REA.

Short description: 
PEN CD-DNST TCHR-FLAT RATE                                                 

Synopsis of Bill as introduced:
        Amends  the  Downstate  Teacher  Article  of  the  Pension  Code.      
   Increases the retirement formula to 2.2% of final average  salary  for      
   each  year  of  service earned after June 30, 1998.  Allows members to      
   elect to have the new rate apply to their existing service, by  making      
   an  additional contribution.  Also raises the rate to 2.3% for certain      
   members who already have 30 years of service.  Beginning July 1, 1998,      
   requires school districts and other  employers  to  make  an  employer      
   contribution  to  the  System.  Increases the employee contribution by      
   0.85% of salary, but provides for a refund of the increase in  certain      
   cases.    Amends  the  State  Employees  Group  Insurance Act of 1971.      
   Requires certain  retired  State  employees  who  participate  in  the      
   Teachers'  Retirement  System  and  have less than 20 years of service      
   (and their survivors) to pay for a portion of the cost of their  group      
   insurance.     In  certain  definitions  relating  to  eligibility  to      
   participate in the State group  insurance  program,  updates  obsolete      
   cross  references  to  certain  State employees who participate in the      
   Teachers' Retirement System  and  adds  to  those  references  certain      
   employees of that System. Effective immediately.                            
          PENSION NOTE                                                         
          At 85% utilization, increase in unfunded liabilities would be        
          $971.0 M; increase in total annual contributions would be            
          2.431% of payroll.                                                   
 
Last action on Bill: SESSION SINE DIE

   Last action date: 99-01-12

           Location: Senate

 Amendments to Bill: AMENDMENTS ADOPTED: HOUSE -   0     SENATE -   0


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 Full Text  Bill Status