92nd General Assembly
Status of SB0586
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 Full Text  Bill Summary

   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                                               


 Full Text  Bill Summary