LUECHTEFELD. 40 ILCS 5/15-136.4 new 40 ILCS 5/15-136.5 new Amends the Illinois Pension Code to provide early retirement incentives for members of the State Universities Retirement System. Applies to certain persons applying for retirement following the school years ending in 1998 and 1999. Grants a 10% increase in the amount of annuity calculated under Rule 1. Requires an employer contribution and an employee contribution. Lowers the service requirement for retirement without age discount from 35 to 30 years. Requires the employer to pay the employee contribution for persons under age 60 with less than 30 years of service who qualify for early retirement without discount. Effective immediately. PENSION NOTE Increase in accrued liabilities of $237.6 million less the $125.4 million in required contributions leaves a net increase in unfunded liabilities of $112.1 million, a ratio of 189.4%. 97-01-30 S FIRST READING 97-01-30 S REFERRED TO SENATE RULES COMMITTEE RULES 97-02-05 S ASSIGNED TO COMMITTEE INS & PENS. 97-02-26 S TO SUBCOMMITTEE 97-03-11 S PENSION NOTE FILED 97-03-11 S COMMITTEE INS & PENS. 97-03-15 S RE-REFERRED TO RULES COMM/RULE 3-9(A) RULES 99-01-12 S SESSION SINE DIE END OF INQUIRY Full Text Bill Summary