Bill Status of SB0588  93rd General Assembly

Short Description:  PEN CD-SURS-PURCHASING POWER

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

Last Action
DateChamber Action
  1/11/2005SenateSession Sine Die

Statutes Amended In Order of Appearance
40 ILCS 5/15-136from Ch. 108 1/2, par. 15-136
40 ILCS 5/15-136.3
40 ILCS 5/15-137.1 new
40 ILCS 5/15-145from Ch. 108 1/2, par. 15-145
40 ILCS 5/15-155from Ch. 108 1/2, par. 15-155
40 ILCS 5/15-165from 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 
DateChamber Action
  2/18/2003SenateFiled with Secretary by Sen. James F. Clayborne, Jr.
  2/18/2003SenateFirst Reading
  2/18/2003SenateReferred to Rules
  2/19/2003SenateAssigned to Insurance & Pensions
  2/27/2003SenatePostponed - Insurance & Pensions
  2/28/2003SenatePension Note Filed As Introduced
  3/5/2003SenateTo Subcommittee
  3/13/2003SenateDo Pass Insurance & Pensions; 010-000-000
  3/13/2003SenatePlaced on Calendar Order of 2nd Reading March 18, 2003
  3/18/2003SenateFiscal Note Requested by Sen. Bill Brady
  3/24/2003SenateAdded as Co-Sponsor Sen. Richard J. Winkel, Jr.
  3/25/2003SenateFiscal Note Filed
  4/4/2003SenateThird Reading Deadline Extended - Rule 2-10(e) to April 9, 2003.
  7/1/2003SenatePursuant to Senate Rule 3-9(b) / Referred to Rules
  1/11/2005SenateSession Sine Die