92nd General Assembly
Summary of HB3378
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House Sponsors:
CROSS.

Short description: 
PENCD-SERS-ATTORNEY FORMULA                                                

Synopsis of Bill as introduced:
        Amends the Illinois Pension Code.  Provides a special  retirement      
   formula  and  increases  the contribution rate for full-time assistant      
   attorneys general and attorneys employed full-time by  the  Office  of      
   the  State  Appellate Defender and the Office of the State's Attorneys      
   Appellate Prosecutor.  Allows them to reinstate and  transfer  certain      
   service  credits  from  the  Cook  County and IMRF retirement systems.      
   Effective immediately.                                                      
          PENSION NOTE (Illinois Pension Laws Commission)                      
          HB 3378 would increase the accrued liability of the fund by          
          $7.7 million. The increase in annual cost is estimated to be         
          0.3% of affected payroll (0.002% of total payroll), assuming         
          the additional employee contribution of 4% of salary. Approxi-       
          mately 450 SERS members would be considered eligible for the         
          new retirement formula, per HB 3378.                                 
 
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