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.
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
Amendments to Bill: AMENDMENTS ADOPTED: HOUSE - 0 SENATE - 0
END OF INQUIRY
Full Text Bill Status