91st General Assembly
Summary of SB0295
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Senate Sponsors:
MAITLAND.

Short description: 
PEN CD-UNIV-INCREASE MINIMUM                                               

Synopsis of Bill as introduced:
        Amends the State Universities Article of the Illinois Pension          
   Code. Provides for a change in the minimum survivor annuity. Provides       
   for a compounded 3% annual increase in both retirement and survivor         
   minimums.  Effective immediately.                                           
          PENSION NOTE (Pension Laws Commission)                               
          FY              Required Contribution                  %Payroll      
          2005                  $0.9 million                        0.03%      
          2010                   2.2 million                        0.05%      
          2020                   3.5 million                        0.05%      
          2030                   6.0 million                        0.05%      
          2040                  10.2 million                        0.05%      
          2045                  13.3 million                        0.05%      
 
Last action on Bill: SESSION SINE DIE

   Last action date: 01-01-09

           Location: Senate

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


   END OF INQUIRY 



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