POE. 30 ILCS 105/14a from Ch. 127, par. 150a 30 ILCS 105/15a from Ch. 127, par. 151a 40 ILCS 5/14-108.3 40 ILCS 5/16-133.3 from Ch. 108 1/2, par. 16-133.3 40 ILCS 15/1.6 new Amends the State Employee and Downstate Teacher Articles of the Illinois Pension Code. Provides an early retirement incentive program for certain State employees with at least 8 years of membership service. Requires the Pension Laws Commission to report on the net savings or cost of the program. Requires the State to fund the program through separate contributions made in fiscal years 2004 through 2010. Amends the State Pension Funds Continuing Appropriation Act to guarantee those contributions through continuing appropriations. Amends the State Finance Act to restrict personal service contracts with these early retirees. Requires the lump sum payment for unused vacation and sick leave to be separate from the final payment of salary and requires the use of specified withholding rates. Provides that a lump sum payment payable to a person who terminates State service during June of 2002 or 2003 may be paid during the lapse period from either the expiring appropriation or the appropriation for the next fiscal year. Provides that in fiscal year 2004 the General Assembly shall not fund the vacated positions at more than 85% of the rate of compensation payable at the time of retirement. Effective immediately. PENSION NOTE (Pension Laws Commission) Assuming 7,392 members (approximately 35% of those eligible) retire early, it is estimated the accrued liability of SERS would increase by $611.5 million. Required employee contribu- tions are expected to total $41.6 million. Therefore, the in- crease in accrued liability the State would be required to amortize is estimated to be $569.9 million. HB1849 requires the State to contribute $90 million to SERS and $1 million to TRS in FY03 to amortize the increase in accrued liability, and requires the remainder of the accrued liability to be amortized in 6 equal installments, beginning in FY04. The Commission's actuary estimates annual payments to be $105.4 million. FEB-16-2001 H FILED WITH CLERK FEB-16-2001 H FIRST READING FEB-16-2001 H REFERRED TO HOUSE RULES COMMITTEE RULES FEB-21-2001 H ASSIGNED TO COMMITTEE PERS PENSION MAR-01-2001 H PENSION NOTE FILED MAR-01-2001 H 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