Senate Sponsors: MAITLAND-MADIGAN,R. 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 significant. 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 END OF INQUIRY Full Text Bill Status