91st General Assembly
Summary of SB1500
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Senate Sponsors:
MAITLAND.

Short description: 
PEN CD-ART 15-PORTABLE BENEFIT                                             

Synopsis of Bill as introduced:
        Amends the State Universities Article  of  the  Illinois  Pension      
   Code.  Makes  changes  concerning the calculation of the final rate of      
   earnings. Provides that service for leaves of  absence  shall  include      
   periods  of  leaves  of  absence  at 50% or greater pay. Provides that      
   after a joint  and  survivor  annuity  commences  under  the  portable      
   benefit  package,  the  survivor annuitant is not disqualified and may      
   not be removed as the survivor  annuitant  by  a  dissolution  of  the      
   survivor's marriage with the participant or annuitant. Provides that a      
   newly  eligible  employee  has  6  months  (now  60  days) to elect to      
   participate in the portable benefit package or the self-managed  plan.      
   Provides  that  a  newly eligible employee may make a late election to      
   participate in the portable benefit package or the  self-managed  plan      
   at  any  time  within  6  months  after  the  effective  date  of this      
   amendatory Act. Provides that a participant may  elect  to  receive  a      
   lump  sum  retirement  benefit  instead of the normal form of annuity.      
   Provides that if the recipient of a  pre-retirement  survivor  annuity      
   dies  before  an amount equal to all accumulated normal and additional      
   contributions as of  the  date  of  death  have  been  paid  out,  the      
   remaining  difference  shall  be  paid  to  the  member's beneficiary.      
   Effective immediately.                                                      
          PENSION NOTE (Pension Laws Commission)                               
          The fiscal impact of SB 1500 is very minor.                          
 
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 



 Full Text  Bill Status