House Sponsors: SMITH,MICHAEL-MCKEON. Short description: PEN CD-ONE-TIME INCREASES Synopsis of Bill as introduced: Amends the State Employee, State Universities, Downstate Teacher, and Chicago Teacher Articles of the Pension Code to provide for a one-time increase in certain retirement and survivor's annuities. Amends the State Mandates Act to require implementation without reimbursement. Effective immediately. PENSION NOTE (Illinois Pension Laws Commission) According the systems, HB514 would increase the accrued liabilities of the affected systems by $851.1 million. The corresponding increases in annual required contributions have not been calculated, but may be significant. The estimated fiscal impact of HB514 for each system affected is as follows: State Employees' Retirement System According to the Systems' actuary, HB514 is expected to in- crease the accrued liabilities by $210.5 million. The corre- sponding required annual employer contributions, per Public Acts 88-593 and 90-65, have not been calculated. State Universities Retirement System SURS has not prepared an updated cost estimate. Based on FY1997 actuarial data, the actuary for SURS estimated the one-time in- crease would raise the accrued liabilites by $120.0 million. Teachers' Retirement System Based on membership data as of June 30, 1998, the actuary for TRS estimates HB514 would increase the accrued liabilities of the System by $399.1 million. Assuming the benefit increase is funded at a level percent of payroll, the increase in FY 2000 contributions is expected to be $20.7 million, or 0.35% of payroll. The increase in required annual employer contri- butions, per Public Acts 88-593 and 90-582, have not been calculated, but would grow at the same rate as payroll. Chicago Teachers' Pension Fund Based on December 31, 1998 membership data, the actuary for the Chicago Teachers' Pension Fund estimates HB514 would increase the accrued liabilities of the Fund by $121.5 million. The corresponding increases in required annual employer contribu- tions, per Public Act 89-15 and 90-582, have not been calculat- ed. Last action on Bill: SESSION SINE DIE Last action date: JAN-07-2003 Location: House Amendments to Bill: AMENDMENTS ADOPTED: HOUSE - 0 SENATE - 0 END OF INQUIRY Full Text Bill Status