House Sponsors: KLINGLER-POE-LINDNER-SMITH,MICHAEL. Short description: PEN CD-SOCIAL SECURITY OFFSET Synopsis of Bill as introduced: Amends the State Employee Article of the Pension Code to remove the Social Security offset against widow and survivor annuities for all annuitants, beginning January 1, 2002. Effective immediately. PENSION NOTE (Pension Laws Commission) HB 149 would increase the accrued liabilities of SERS by an estimated $291 million. The estimated increase in the required annual State contribution, per P.A. 88-593, is shown below: Fiscal Year Estimated Payroll Estimated Contributions 2002 3,530.0 million 0.0 2003 3,654.0 million 0.0 2005 3,908.0 million 0.0 2010 4,585.0 million 62.9 2020 6,341.0 million 87.0 2030 9,183.0 million 126.0 2045 16,584.0 million 275.3 Even with the elimination of the Social Security offset and the resulting increase in accrued liability, required State contri- butions to SERS are not expected to change until FY 2010, as the minimum statutory rates are expected to be higher than the calculated actuarial rates, per P.A. 90-65, until then. Last action on Bill: SESSION SINE DIE Last action date: JAN-07-2003 Location: House Amendments to Bill: AMENDMENTS ADOPTED: HOUSE - 0 SENATE - 0 END OF INQUIRY Full Text Bill Status