90th General Assembly
Summary of SB0282
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Senate Sponsors:

Short description: 
PEN CD-UNIV-EARLY RETIREMENT                                               

Synopsis of Bill as introduced:
        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%.        
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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