Synopsis As Introduced Amends the State Employee Article of the Pension Code to remove the Social Security offset against widow and survivor annuities for all annuitants, beginning January 1, 2006. Effective immediately.
Pension Note (Commission on Gov't Forecasting and Accountability)
According to the System's actuary, Senate Bill 234 would increase the accrued liabilities of SERS by an estimated $280.2 million, resulting in an increase in the FY 2006 required contribution of $4.3 million. The FY 2010 increase in the annual contribution is estimated to be $25.4 million. After FY 2010, the increase in required contributions will grow at the same rate as payroll.