92nd General Assembly
Summary of SB0102
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Senate Sponsors:
MADIGAN,R-SIEBEN-BOMKE-MOLARO-MYERS, JACOBS, 
   DELEO, DUDYCZ AND RADOGNO.

Short description: 
PEN CD-SERS-HIGHWAY WORKERS                                                

Synopsis of Bill as introduced:
        Amends the State Employee Article of the Illinois Pension Code to      
   put highway maintenance workers employed by IDOT or the Illinois State      
   Toll Highway Authority under the alternative (State Police) retirement      
   formula.  Effective immediately.                                            
          PENSION NOTE (Pension Laws Commission)                               
          According to the System's actuary, increasing the alternative        
          formula would increase the accrued liability of SERS by an           
          estimated $280.8 million. The first year cost would be $2.47         
          million, or 0.07% of payroll. In FY 2010, the employer contri-       
          bution would be $10.73 million, or 0.24% of payroll. There           
          would be a fiscal impact for the other provisions of SB 102,         
          but it has not been determined and is estimated to be minor.         
          PENSION NOTE, REVISED (Pension Laws Commission)                      
          According to the System's actuary, SB 102 would increase the         
          accrued liability of SERS by $75.5 million. The increase in          
          annual cost is estimated to be 0.05% of payroll in FY 2001           
          ($2.0 million) and incrementally increase to 0.19% of payroll        
          in FY 2010 ($8.5 million) and thereafter. According to SERS,         
          SB 102 would add 2,421 regular members of SERS to the alter-         
          native formula.                                                      
 
Last action on Bill: SESSION SINE DIE

   Last action date: JAN-07-2003

           Location: Senate

 Amendments to Bill: AMENDMENTS ADOPTED: HOUSE -   0     SENATE -   0


   END OF INQUIRY 



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