91st General Assembly
Summary of SB1702
   [ Home ]   [ Back ]   [ Legislation ]
Please enter a bill number.

 Full Text  Bill Status
Senate Sponsors:

Short description: 
PEN CD-SERS-13TH CHECK                                                     

Synopsis of Bill as introduced:
        Amends the State Employee Article of the Illinois  Pension  Code.      
   Provides  an  additional  benefit  payment  for  certain survivors and      
   retirees.  Applies only to fiscal  years  before  2005  in  which  the      
   System's  return  on  investment exceeds the actuarial assumed rate of      
   return.  Effective immediately.                                             
          PENSION NOTE (Pension Laws Commission)                               
          There is no increase in accrued liability associated with            
          SB 1702, but there is a cost (that cannot be determined), as         
          some investment returns that would normally remain with SERS         
          to be reinvested would instead be paid out as benefits. This         
          would increase State contributions over time by an amount that       
          cannot be determined.                                                
Last action on Bill: SESSION SINE DIE

   Last action date: 01-01-09

           Location: Senate

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


 Full Text  Bill Status