92nd General Assembly
Summary of HB5010
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House Sponsors:

Short description: 
PENCD-SERS-ALT FORMULA-4% AAI                                              

Synopsis of Bill as introduced:
        Amends the State Employee Article of the Illinois  Pension  Code.      
   Increases  the  automatic annual increase in annuity from 3% to 4% for      
   persons who receive the  alternative  retirement  formula,  for  their      
   surviving  spouses,  and  for  persons receiving an occupational death      
   benefit based on the death of a person who, on his or her last day  of      
   service,   was   earning   eligible   creditable  service.   Effective      
          PENSION NOTE (Illinois Pension Laws Commission)                      
          The Commission's actuary estimates that HB 5010 will increase        
          the accrued liability of the System by $299.1 million. The in-       
          crease in annual costs is estimated to be $28.6 million or           
          0.80% of total payroll, and 3.26% of alternative formula             
Last action on Bill: SESSION SINE DIE

   Last action date: JAN-07-2003

           Location: House

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


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