92nd General Assembly
Summary of HB0235
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House Sponsors:
DANIELS.

Short description: 
PEN CD-SERS-HIGHWAY WORKERS                                                

Synopsis of Bill as introduced:
        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.  Also allows certain persons to  participate  in  the  System      
   while  employed  by  a  statewide  labor  organization that represents      
   members of the System; allows those persons  to  purchase  credit  for      
   certain prior service.  Effective immediately.                              
          PENSION NOTE (Pension Laws Commission)                               
          According to the System's actuary, HB 0235 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,         
          HB 0235 would add 2,421 regular members of SERS to the alter-        
          native formula.                                                      
 
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 



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