Illinois General Assembly - Bill Status for SB 588

Bill Status of SB 588 93rd General Assembly

Short Description: PEN CD-SURS-PURCHASING POWER

Senate Sponsors
Sen. James F. Clayborne, Jr. and Richard J. Winkel, Jr.

Last Action View All Actions

Date Chamber Action
  1/11/2005 Senate Session Sine Die

Statutes Amended In Order of Appearance
40 ILCS 5/15-136 from Ch. 108 1/2, par. 15-136
40 ILCS 5/15-136.3
40 ILCS 5/15-137.1 new
40 ILCS 5/15-145 from Ch. 108 1/2, par. 15-145
40 ILCS 5/15-155 from Ch. 108 1/2, par. 15-155
40 ILCS 5/15-165 from Ch. 108 1/2, par. 15-165

Synopsis As Introduced
Amends the State Universities Article of the Illinois Pension Code. Declares it to be the public policy of this State and the intention of the General Assembly to protect annuitants against significant decreases in the purchasing power of retirement and survivor's annuities. Directs the System to review and report on significant changes in purchasing power. Provides for a one-time increase in certain retirement and survivor's annuities. Requires the resulting liability to be paid on a level dollar basis over a period of 10 years beginning July 1, 2005. Effective immediately.

Pension Note (Pension Laws Commission)
According to SURS, SB 588 would increase the accrued liability of SURS by $31.3 million. The annual level dollar payment required to amortize the increase in accrued liability over 10 years is $6.1 million. The draft would increase the annuities of 2,900 SURS retirees and survivors.

Fiscal Note (State Universities Retirement System of Illinois)
The addition to actuarial accrued liability for SURS is as follows: SURS $31.3 million addition to AAL ($6.0 million per year over 10 years).

Actions
Date Chamber Action
  2/18/2003 Senate Filed with Secretary by Sen. James F. Clayborne, Jr.
  2/18/2003 Senate First Reading
  2/18/2003 Senate Referred to Rules
  2/19/2003 Senate Assigned to Insurance & Pensions
  2/27/2003 Senate Postponed - Insurance & Pensions
  2/28/2003 Senate Pension Note Filed As Introduced
  3/5/2003 Senate To Subcommittee
  3/13/2003 Senate Do Pass Insurance & Pensions; 010-000-000
  3/13/2003 Senate Placed on Calendar Order of 2nd Reading March 18, 2003
  3/18/2003 Senate Fiscal Note Requested by Sen. Bill Brady
  3/24/2003 Senate Added as Co-Sponsor Sen. Richard J. Winkel, Jr.
  3/25/2003 Senate Fiscal Note Filed
  4/4/2003 Senate Third Reading Deadline Extended - Rule 2-10(e) to April 9, 2003.
  7/1/2003 Senate Pursuant to Senate Rule 3-9(b) / Referred to Rules
  1/11/2005 Senate Session Sine Die

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	Pension Note (Pension Laws Commission)
	According to SURS, SB 588 would increase the accrued liability of SURS by $31.3 million. The annual level dollar payment required to amortize the increase in accrued liability over 10 years is $6.1 million. The draft would increase the annuities of 2,900 SURS retirees and survivors.

	Fiscal Note (State Universities Retirement System of Illinois)
	The addition to actuarial accrued liability for SURS is as follows: SURS $31.3 million addition to AAL ($6.0 million per year over 10 years).

Date	Chamber	Action
2/18/2003	Senate	Filed with Secretary by Sen. James F. Clayborne, Jr.
2/18/2003	Senate	First Reading
2/18/2003	Senate	Referred to Rules
2/19/2003	Senate	Assigned to Insurance & Pensions
2/27/2003	Senate	Postponed - Insurance & Pensions
2/28/2003	Senate	Pension Note Filed As Introduced
3/5/2003	Senate	To Subcommittee
3/13/2003	Senate	Do Pass Insurance & Pensions; 010-000-000
3/13/2003	Senate	Placed on Calendar Order of 2nd Reading March 18, 2003
3/18/2003	Senate	Fiscal Note Requested by Sen. Bill Brady
3/24/2003	Senate	Added as Co-Sponsor Sen. Richard J. Winkel, Jr.
3/25/2003	Senate	Fiscal Note Filed
4/4/2003	Senate	Third Reading Deadline Extended - Rule 2-10(e) to April 9, 2003.
7/1/2003	Senate	Pursuant to Senate Rule 3-9(b) / Referred to Rules
1/11/2005	Senate	Session Sine Die