92nd General Assembly
Status of SB0584
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 Full Text  Bill Summary

   40 ILCS 5/15-135          from Ch. 108 1/2, par. 15-135                     

        Amends the State Universities Article  of  the  Illinois  Pension      
   Code.    Allows  retirement  at  any  age  with  30  years of service.      
   Effective immediately.                                                      
          PENSION NOTE (Pension Laws Commission)                               
          According to the System's actuary, SB 584 would increase the         
          accrued liability of SURS by $61.4 million. The estimated in-        
          crease in FY 2002 employer contributions is $0.1 million, or         
          0.01% of payroll. The increase in employer contributions in          
          FY 2010 is estimated to be $1.3 million, or 0.03% of payroll.        
          After 2010, the increase in required contributions is expected       
          to remain 0.03% of payroll for the remainder of the Public Act       
          88-0593 funding period.                                              
   FEB-21-2001  S  FIRST READING                                                  
   FEB-21-2001  S  REFERRED TO SENATE RULES COMMITTEE       RULES                 
   FEB-28-2001  S       ASSIGNED TO COMMITTEE               INS & PENS.           
   MAR-06-2001  S       TO SUBCOMMITTEE                                           
   MAR-12-2001  S                        PENSION NOTE FILED AS INTRODUCED         
   MAR-12-2001  S                   COMMITTEE               INS & PENS.           
   MAR-31-2001  S  RE-REFERRED TO RULES COMM/RULE 3-9(A)    RULES                 
   JAN-07-2003  S  SESSION SINE DIE                                               


 Full Text  Bill Summary