House Sponsors: SMITH,MICHAEL. Short description: PENCD-SERS-ALT FORMULA-4% AAI Synopsis of Bill as introduced: Amends the State Employee Article of the Illinois Pension Code. Increases the automatic annual increase in annuity from 3% to 4% for persons who receive the alternative retirement formula, for their surviving spouses, and for persons receiving an occupational death benefit based on the death of a person who, on his or her last day of service, was earning eligible creditable service. Effective immediately. PENSION NOTE (Illinois Pension Laws Commission) The Commission's actuary estimates that HB 5010 will increase the accrued liability of the System by $299.1 million. The in- crease in annual costs is estimated to be $28.6 million or 0.80% of total payroll, and 3.26% of alternative formula payroll. 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