92nd General Assembly
Summary of HB0315
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House Sponsors:

Short description: 
PEN CD-ST EMPL-MILITARY CREDIT                                             

Synopsis of Bill as introduced:
        Amends the State Employee Article of the Pension  Code.   Changes      
   the  method of calculating interest when purchasing service credit for      
   certain periods of military service.  Effective immediately.                
          PENSION NOTE (Pension Laws Commission)                               
          SERS estimates that there are over 9,000 employees with quali-       
          fying military service credit at an estimated average cost of        
          $2,000 per member. Therefore, if every member of SERS with pre-      
          vious military service purchases the credit, accrued liability       
          is estimated to increase by $18.0 million. Assuming only 50%         
          of SERS members with prior military service purchase the             
          credit, which is more likely, the estimated accrued liability        
          would increase by $9.0 million.                                      
Last action on Bill: SESSION SINE DIE

   Last action date: JAN-07-2003

           Location: House

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


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