90th General Assembly
Summary of SB0257
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Senate Sponsors:

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


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