MADIGAN,R-SIEBEN-BOMKE-MOLARO-MYERS, JACOBS, DELEO, DUDYCZ AND RADOGNO. 40 ILCS 5/14-110 from Ch. 108 1/2, par. 14-110 Amends the State Employee Article of the Illinois Pension Code to put highway maintenance workers employed by IDOT or the Illinois State Toll Highway Authority under the alternative (State Police) retirement formula. Effective immediately. PENSION NOTE (Pension Laws Commission) According to the System's actuary, increasing the alternative formula would increase the accrued liability of SERS by an estimated $280.8 million. The first year cost would be $2.47 million, or 0.07% of payroll. In FY 2010, the employer contri- bution would be $10.73 million, or 0.24% of payroll. There would be a fiscal impact for the other provisions of SB 102, but it has not been determined and is estimated to be minor. PENSION NOTE, REVISED (Pension Laws Commission) According to the System's actuary, SB 102 would increase the accrued liability of SERS by $75.5 million. The increase in annual cost is estimated to be 0.05% of payroll in FY 2001 ($2.0 million) and incrementally increase to 0.19% of payroll in FY 2010 ($8.5 million) and thereafter. According to SERS, SB 102 would add 2,421 regular members of SERS to the alter- native formula. JAN-31-2001 S FIRST READING JAN-31-2001 S REFERRED TO SENATE RULES COMMITTEE RULES FEB-01-2001 S ASSIGNED TO COMMITTEE INS & PENS. FEB-09-2001 S PENSION NOTE FILED AS INTRODUCED FEB-20-2001 S ADDED AS A CHIEF CO-SPONSOR SIEBEN FEB-20-2001 S ADDED AS A CHIEF CO-SPONSOR BOMKE FEB-20-2001 S ADDED AS A CHIEF CO-SPONSOR MOLARO FEB-22-2001 S ADDED AS A CHIEF CO-SPONSOR MYERS FEB-22-2001 S ADDED AS A CO-SPONSOR JACOBS MAR-06-2001 S POSTPONED MAR-08-2001 S ADDED AS A CO-SPONSOR MAHAR MAR-08-2001 S ADDED AS A CO-SPONSOR DELEO MAR-08-2001 S ADDED AS A CO-SPONSOR DUDYCZ MAR-12-2001 S PENSION NOTE FILED REVISED/INTRODUCED MAR-14-2001 S ADDED AS A CO-SPONSOR RADOGNO MAR-20-2001 S POSTPONED MAR-27-2001 S POSTPONED MAR-27-2001 S COMMITTEE INS & PENS. MAR-31-2001 S RE-REFERRED TO RULES COMM/RULE 3-9(A) RULES JAN-07-2003 S SESSION SINE DIE END OF INQUIRY Full Text Bill Summary