90th General Assembly
Summary of HB3585
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House Sponsors:

Short description: 
PEN CD-UNIV-THIRTEENTH CHECK                                               

Synopsis of Bill as introduced:
        Amends the  State  Universities  Article  of  the  Pension  Code.      
   Provides  for  an additional payment to persons receiving a retirement      
   or survivor annuity, equal to half the monthly benefit, to be paid  on      
   the  December  31  next  following a fiscal year in which the System's      
   investment return is at least 190% of the prescribed rate of  interest      
   determined for that year by the Board.  Effective immediately.              
          PENSION NOTE                                                         
          There is no increase in accrued liability associated with            
          HB 3585, but there is a cost (that cannot be determined) as          
          some investment returns that would normally stay with SURS           
          would instead be paid out as benefits. This would increase           
          State contributions over time by an amount that cannot be            
Last action on Bill: SESSION SINE DIE

   Last action date: 99-01-12

           Location: House

 Amendments to Bill: AMENDMENTS ADOPTED: HOUSE -   0     SENATE -   0


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