91st General Assembly
Summary of SB0489
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Senate Sponsors:

Short description: 
PEN CD-JUDGES-INCREASE BENEFIT                                             

Synopsis of Bill as introduced:
        Amends the Judges Article  of  the  Pension  Code.   Reduces  the      
   amount  of  the early retirement penalty for certain judges who retire      
   before attaining age 60.  Also provides that a judge who  is  eligible      
   to  receive  the  maximum rate of annuity may elect to have his or her      
   contributions to the System based only  on  the  increases  in  salary      
   received  by  the  judge  on or after the date of the election, rather      
   than the total salary received.  Effective immediately.                     
          PENSION NOTE (Pension Laws Commission)                               
          Reduced early retirement reduction: increase in accrued              
          liability $372,000, in total annual cost, $39,800 (0.04% of          
          payroll). Judge contributions would decrease approximately           
          $700,000 the 1st year.                                               
Last action on Bill: SESSION SINE DIE

   Last action date: 01-01-09

           Location: Senate

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


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