91st General Assembly
Summary of HB0428
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Short description: 
PEN CD-ST EMPL-75% AT ANY AGE                                              

Synopsis of Bill as introduced:
        Amends the State Employee Article of the Illinois  Pension  Code.      
   Provides  that  a  person with at least 34 years of creditable service      
   who has reached the 75% maximum pension shall be  deemed  to  have  35      
   years of service for purposes of avoiding the early retirement penalty      
   and   qualifying   for  the  automatic  annual  increase  in  annuity.      
   Effective immediately.                                                      
          PENSION NOTE (Pension Laws Commission)                               
          Accrued liability would increase by $13.8 million; annual            
          contributions would be relatively small.                             
          PENSION NOTE, REVISED (Pension Laws Commission)                      
          According to the Commission's actuary, HB 428 would increase         
          the accrued liability of the System by an estimated $8.38            
          million (based on the 1999 actuarial valuation). The increase        
          in total annual costs as a percent of payroll is 0.02% ($0.75        
Last action on Bill: SESSION SINE DIE

   Last action date: 01-01-09

           Location: House

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


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