PEN CD-UNIV-BENEFIT CHANGES
Synopsis of Bill as introduced:
Amends the State Universities Article of the Pension Code.
Provides a new flat rate retirement formula equal to 2.2% of the final
rate of earnings for each year of service. Increases the maximum
retirement annuity from 75% to 80% of the final rate of earnings.
Extends the deadline for early retirement without discount to
September 1, 2002. Removes the compensation limits for persons
employed by more than one employer. Changes the service requirement
for retirement at any age from 35 to 30 years. Allows a surviving
spouse without dependents to begin receiving survivor's benefits
before attaining age 50. Provides for a minimum survivor's benefit
based on the amount of service of the deceased member. Extends the
survivor's benefit for a dependent child until age 23 if the child is
a full-time student. Accelerates the initial annual increase in
disability benefits. Effective immediately.
PENSION IMPACT NOTE
Fiscal impact has not been determined, but is expected to be
PENSION IMPACT NOTE, REVISED
No change from previous note.
PENSION IMPACT NOTE, REVISION 2
Estimated increase in unfunded liabilities would be $140.9 M.
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