92nd General Assembly
Summary of HB0267
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House Sponsors:
POE-MITCHELL,BILL-CURRY,JULIE-KLINGLER-O'CONNOR, 
   TENHOUSE, MCAULIFFE, BLACK AND JONES,JOHN.

Senate Sponsors:
MADIGAN,R-NOLAND-SULLIVAN-MYERS-BOMKE

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.  Effective immediately.                                            
          PENSION NOTE (Pension Laws Commission)                               
          According to the system's actuary, HB 0267 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 0267 would add 2,421 regular members of SERS to the alter-        
          native formula.                                                      
 
Last action on Bill: PUBLIC ACT.............................. 92-0257

   Last action date: AUG-06-2001

           Location: House

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


   END OF INQUIRY 



 Full Text  Bill Status