Senate Sponsors: LUECHTEFELD. Short description: PEN CD-UNIV-EARLY RETIREMENT Synopsis of Bill as introduced: Amends the Illinois Pension Code to provide early retirement incentives for members of the State Universities Retirement System. Applies to certain persons applying for retirement following the school years ending in 1998 and 1999. Grants a 10% increase in the amount of annuity calculated under Rule 1. Requires an employer contribution and an employee contribution. Lowers the service requirement for retirement without age discount from 35 to 30 years. Requires the employer to pay the employee contribution for persons under age 60 with less than 30 years of service who qualify for early retirement without discount. Effective immediately. PENSION NOTE Increase in accrued liabilities of $237.6 million less the $125.4 million in required contributions leaves a net increase in unfunded liabilities of $112.1 million, a ratio of 189.4%. Last action on Bill: SESSION SINE DIE Last action date: 99-01-12 Location: Senate Amendments to Bill: AMENDMENTS ADOPTED: HOUSE - 0 SENATE - 0 END OF INQUIRY Full Text Bill Status