Senate Sponsors: LUECHTEFELD-MAITLAND. Short description: PEN CD-UNIV-THIRTEENTH CHECK Synopsis of Bill as introduced: Amends the State Universities Article of the Illinois Pension Code. Provides for an additional payment to persons receiving a retirement or survivor annuity, equal to half the monthly benefit, to be paid on the December 31 next following a fiscal year in which the System's investment return is at least 190% of the prescribed rate of interest determined for that year by the Board. Terminates the benefit after the System's 2003-2004 fiscal year. Makes the benefit available only if the System's funding ratio is at least 90%. Effective immediately. PENSION NOTE (Pension Laws Commission) There is no increase in accrued liability associated with SB 413 but there is a cost (that cannot be determined) as some investment returns that would normally remain with SURS to be reinvested would instead be paid out as benefits. This would increase State contributions over time by an amount that cannot be determined. The increase in annual contributions is estimat- ed to be minor, as the 13th check could only be paid a maximum of 4 times (fiscal years 2001 through 2004). Last action on Bill: SESSION SINE DIE Last action date: JAN-07-2003 Location: Senate Amendments to Bill: AMENDMENTS ADOPTED: HOUSE - 0 SENATE - 0 END OF INQUIRY Full Text Bill Status