90th General Assembly Summary of SB1301    [ Home ]   [ Back ]   [ Legislation ]

Legislation:   Please enter a bill number.

Senate Sponsors:
MADIGAN,R.

Short description: 
PEN CD-SURS-POLICE MONEY PURCH                                             

Synopsis of Bill as introduced:
        Amends the State Universities Article  of  the  Illinois  Pension      
   Code.   Provides  that for a police officer or firefighter who retires      
   on or after the effective date and receives a  money-purchase  annuity      
   calculated  under Rule 2, the additional normal contributions required      
   to be paid by police officers and firefighters shall  be  included  in      
   the  calculation of the annuity rather than refunded to the annuitant.      
   Effective immediately.                                                      
          PENSION IMPACT NOTE                                                  
          It is estimated SB1301 would increase the accrued liability of       
          SURS by $374,000, and the normal cost of SURS by $18,000             
          annually. The fiscal impact is minor.                                
 
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