House Sponsors: SMITH,MICHAEL-BOST-STEPHENS-RIGHTER. Senate Sponsors: LUECHTEFELD-DONAHUE-BRADY,B-DEMUZIO Short description: PEN CD-UNIV-INCREASE MINIMUM Synopsis of Bill as introduced: Amends the State Universities Article of the Illinois Pension Code. Provides for a change in the minimum survivor annuity. Effective immediately. PENSION NOTE (Pension Laws Commission) The System's actuary estimates the cost of HB 2370 to be minor. HOUSE AMENDMENT NO. 1. Adds reference to: 40 ILCS 5/15-145 from Ch. 108 1/2, par. 15-145 40 ILCS 5/15-153.3 from Ch. 108 1/2, par. 15-153.3 Further amends the State Universities Article of the Illinois Pension Code. Changes the initial automatic annual increase in disability benefit from 7%, payable after 4 years, to 0.25% for each full month since the benefit began, payable on the January 1 next following the granting of the benefit. Restores benefits to certain surviving spouses whose pensions were terminated upon remarriage, beginning July 6, 2000. HOUSE AMENDMENT NO. 2. In the provisions restoring annuities that were terminated for remarriage prior to age 55, deletes the reference to age 55. HOUSE AMENDMENT NO. 4. Adds reference to: 40 ILCS 5/15-135 from Ch. 108 1/2, par. 15-135 40 ILCS 5/15-167.3 new Further amends the State Universities Article of the Illinois Pension Code. Provides for a change in the minimum survivor annuity Allows retirement at any age with 30 years of service, beginning in 2002. With respect to the management of the System's assets, encourages the use of emerging investment managers, female-owned businesses, minority-owned businesses, and businesses owned by persons with disabilities. Effective immediately. Last action on Bill: PUBLIC ACT.............................. 92-0749 Last action date: AUG-02-2002 Location: House Amendments to Bill: AMENDMENTS ADOPTED: HOUSE - 3 SENATE - 0 END OF INQUIRY Full Text Bill Status