Senate Sponsors: NOLAND. Short description: PEN CD-SURS-GRP INSUR ELECTION Synopsis of Bill as introduced: Amends the State Universities Article of the Illinois Pension Code. Allows certain participants to elect to forgo certain changes in the retirement annuity formula made by Public Act 90-65 and thereby avoid the additional cost of group health insurance imposed under that Public Act. Effective immediately. PENSION NOTE (Pension Laws Commission) The fiscal impact of SB 565 cannot be determined, as the number of members who will retroactively elect to retire under pre Public Act 90-0065 provisions of SURS is unkown. SB 565 may re- duce the unfunded liabilities and annual cost of SURS very slightly. The premiums paid by the State for SURS retirees' health insurance will increase by an undetermined amount. 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