90th General Assembly
Summary of SB0498
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Senate Sponsors:

Short description: 
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

           Location: Senate

 Amendments to Bill: AMENDMENTS ADOPTED: HOUSE -   0     SENATE -   0


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