Senate Sponsors: REA-BOWLES. Short description: PEN CD-FLAT RATE ETC Synopsis of Bill as introduced: Amends the State Employee, State Universities, and Downstate Teacher Articles of the Pension Code to provide for a flat rate retirement formula of 1.67% of final average salary per year of service for employees covered by Social Security and 2.2% of final average salary per year of service for employees not covered by Social Security; increases contributions by 0.5% of salary for persons affected by the new formula. Provides one-time increases for certain persons already receiving a retirement or survivor's annuity. Amends the State Employee Article to provide that all persons who receive an annuity based on the alternative (State police) formula may have their retirement annuities based on their salary on the last day of eligible service rather than a four-year average salary (currently only State police officers can do this). Effective immediately. Last action on Bill: SESSION SINE DIE Last action date: 99-01-12 Location: Senate Amendments to Bill: AMENDMENTS ADOPTED: HOUSE - 0 SENATE - 0 END OF INQUIRY Full Text Bill Status