92nd General Assembly
Summary of HB0250
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House Sponsors:
MADIGAN,MJ-MAUTINO-BOST-MITCHELL,JERRY-REITZ, POE, O'BRIEN, 
   KLINGLER, MYERS,RICHARD, LEITCH, HOEFT, RIGHTER, RYDER, 
   MITCHELL,BILL, MOFFITT, GILES, JONES,JOHN, ACEVEDO, FORBY, 
   RYAN, FRITCHEY AND LYONS,JOSEPH.

Senate Sponsors:
MADIGAN,R-LUECHTEFELD-HAWKINSON-DONAHUE-MYERS

Short description: 
PEN CD-COLLECTIVE BARG AGRMT                                               

Synopsis of Bill as introduced:
        Amends the Illinois Pension Code.  In the State Employee Article,      
   increases the alternative (State  Police)  retirement  formula.   Also      
   increases  the regular retirement formula for certain employees of the      
   Department of Corrections and the Department of Human  Services.   For      
   members  receiving those formulas, increases the employee contribution      
   by 1% of salary in each of 2002, 2003, and 2004.  Includes within  the      
   definition  of "security employee of the Department of Human Services"      
   certain employees who work at least 50% of their working  hours  at  a      
   security  facility,  thereby  making them eligible for the alternative      
   retirement formula.  In the case of DHS  security  employees  who  are      
   teachers,  allows  current  employees  to  elect  (and requires future      
   hires) to participate in the State Employees' Retirement System rather      
   than the Teachers' Retirement System; authorizes persons  so  electing      
   to  transfer  credits for previous service in that capacity.  Provides      
   that employees who  are  employed  on  an  academic-year  basis  shall      
   receive  a  full  year  of  service  credit  for each academic year of      
   service.  Makes certain provisions retroactive to January 1, 2001  and      
   accelerates   the   initial   annual  increase  for  certain  persons.      
   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 con-          
          tribution would be $10.73 million, or 0.24% of payroll. There        
          would be a fiscal impact for the other provisions of HB 250,         
          but it has not been determined and is estimated to be minor.         
 
Last action on Bill: PUBLIC ACT.............................. 92-0014

   Last action date: JUN-28-2001

           Location: House

 Amendments to Bill: AMENDMENTS ADOPTED: HOUSE -   0     SENATE -   0


   END OF INQUIRY 



 Full Text  Bill Status