40 ILCS 5/14-104 from Ch. 108 1/2, par. 14-104
Amends the State Employee Article of the Pension Code. Changes
the method of calculating interest when purchasing service credit for
certain periods of military service. Effective immediately.
PENSION NOTE (Pension Laws Commission)
SERS estimates that there are over 9,000 employees with quali-
fying military service credit at an estimated average cost of
$2,000 per member. Therefore, if every member of SERS with
previous military service purchases the credit, accrued lia-
bility is estimated to increase by $18.0 million. Assuming
only 50% of SERS members with prior military service purchase
the credit, which is more likely, the estimated accrued lia-
bility would increase by $9.0 million.
FEB-21-2001 S FIRST READING
FEB-21-2001 S REFERRED TO SENATE RULES COMMITTEE RULES
FEB-28-2001 S ASSIGNED TO COMMITTEE INS & PENS.
MAR-01-2001 S PENSION NOTE FILED AS INTRODUCED
MAR-06-2001 S TO SUBCOMMITTEE
MAR-06-2001 S COMMITTEE INS & PENS.
MAR-31-2001 S RE-REFERRED TO RULES COMM/RULE 3-9(A) RULES
JAN-07-2003 S SESSION SINE DIE
END OF INQUIRY
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