92nd General Assembly
Summary of SB0584
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Senate Sponsors:

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

Synopsis of Bill as introduced:
        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.                                              
Last action on Bill: SESSION SINE DIE

   Last action date: JAN-07-2003

           Location: Senate

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


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