SMITH,MICHAEL-MCKEON. 40 ILCS 5/14-114 from Ch. 108 1/2, par. 14-114 40 ILCS 5/14-119 from Ch. 108 1/2, par. 14-119 40 ILCS 5/14-121 from Ch. 108 1/2, par. 14-121 40 ILCS 5/15-136 from Ch. 108 1/2, par. 15-136 40 ILCS 5/15-136.3 40 ILCS 5/15-145 from Ch. 108 1/2, par. 15-145 40 ILCS 5/16-133.1 from Ch. 108 1/2, par. 16-133.1 40 ILCS 5/16-143.1 from Ch. 108 1/2, par. 16-143.1 40 ILCS 5/17-119 from Ch. 108 1/2, par. 17-119 40 ILCS 5/17-122 from Ch. 108 1/2, par. 17-122 30 ILCS 805/8.25 new Amends the State Employee, State Universities, Downstate Teacher, and Chicago Teacher Articles of the Pension Code to provide for a one-time increase in certain retirement and survivor's annuities. Amends the State Mandates Act to require implementation without reimbursement. Effective immediately. PENSION NOTE (Illinois Pension Laws Commission) According the systems, HB514 would increase the accrued liabilities of the affected systems by $851.1 million. The corresponding increases in annual required contributions have not been calculated, but may be significant. The estimated fiscal impact of HB514 for each system affected is as follows: State Employees' Retirement System According to the Systems' actuary, HB514 is expected to in- crease the accrued liabilities by $210.5 million. The corre- sponding required annual employer contributions, per Public Acts 88-593 and 90-65, have not been calculated. State Universities Retirement System SURS has not prepared an updated cost estimate. Based on FY1997 actuarial data, the actuary for SURS estimated the one-time in- crease would raise the accrued liabilites by $120.0 million. Teachers' Retirement System Based on membership data as of June 30, 1998, the actuary for TRS estimates HB514 would increase the accrued liabilities of the System by $399.1 million. Assuming the benefit increase is funded at a level percent of payroll, the increase in FY 2000 contributions is expected to be $20.7 million, or 0.35% of payroll. The increase in required annual employer contri- butions, per Public Acts 88-593 and 90-582, have not been calculated, but would grow at the same rate as payroll. Chicago Teachers' Pension Fund Based on December 31, 1998 membership data, the actuary for the Chicago Teachers' Pension Fund estimates HB514 would increase the accrued liabilities of the Fund by $121.5 million. The corresponding increases in required annual employer contribu- tions, per Public Act 89-15 and 90-582, have not been calculat- ed. JAN-31-2001 H FILED WITH CLERK FEB-05-2001 H FIRST READING FEB-05-2001 H REFERRED TO HOUSE RULES COMMITTEE RULES FEB-06-2001 H ADDED AS A JOINT SPONSOR MCKEON FEB-09-2001 H PENSION NOTE FILED FEB-09-2001 H COMMITTEE RULES FEB-15-2001 H ASSIGNED TO COMMITTEE PERS PENSION MAR-16-2001 H RE-REFERRED TO RULES COMM/RULE 19(A) RULES HRUL JAN-07-2003 H SESSION SINE DIE END OF INQUIRY Full Text Bill Summary