92nd General Assembly
Summary of HB0514
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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