91st General Assembly
Summary of SB1020
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Short description: 
PEN CD-JUDGES-CONTRIBUTIONS                                                

Synopsis of Bill as introduced:
        Amends the Judges Article of the Pension Code.  Provides  that  a      
   judge  who  has attained age 60 and 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; does not apply to a judge who has previously elected to stop      
   contributing, unless the judge has revoked that election.  Extends the      
   deadline  for  revocation  to  January  1,  2000.   In  the provisions      
   relating to reduction of annuity due to retirement before age 60  with      
   fewer  than 28 years of service, reduces the early retirement penalty.      
   Effective immediately.                                                      
          PENSION NOTE (Pension Laws Commission)                               
          The SB1020 provision that reduces the early retirement reduc-        
          tion would increase the accrued liability of JRS by $372,000.        
          The increase in total annual cost is estimated to be 0.04% of        
          payroll, or $39,800 in the 1st year. The annual cost would           
          increase commensurate with payroll.                                  
Last action on Bill: PUBLIC ACT.............................. 91-0653

   Last action date: 99-12-10

           Location: Senate

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


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