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