SMITH,MICHAEL-BOLAND-MURPHY-BLACK-MCAULIFFE AND POE.
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: PUBLIC ACT.............................. 92-0054
Last action date: JUL-12-2001
Amendments to Bill: AMENDMENTS ADOPTED: HOUSE - 0 SENATE - 0
END OF INQUIRY
Full Text Bill Status