91st General Assembly Summary of SB1927    [ Home ]   [ Back ]   [ Legislation ]

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Senate Sponsors:
HENDON, DEL VALLE AND DONAHUE.

Short description: 
PEN CD-SERS-30 YEARS ANY AGE                                               

Synopsis of Bill as introduced:
        Amends the State Employee Article of the Illinois  Pension  Code.      
   Changes  the  service  requirement  for retirement at any age  from 35      
   years to 30.  Changes the service requirement for a discounted annuity      
   at age 55  from 30 years to 25.  Makes a  corresponding  change  in  a      
   provision   relating   to   automatic   annual  increases.   Effective      
   immediately.                                                                
          PENSION NOTE (Pension Laws Commission)                               
          The estimated increase in accrued liability is $202.0 million.       
          The increase in annual cost is estimated to be $19.3 million,        
          or 0.579% of payroll.                                                
 
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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