92nd General Assembly
Summary of SB0171
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Senate Sponsors:
MADIGAN,R-MAITLAND-MAHAR-LUECHTEFELD-MYERS, 
   JONES,W, CRONIN, BOMKE, WATSON AND PETERSON.

Short description: 
PEN CD-PURCHASING POWER INCRS                                              

Synopsis of Bill as introduced:
        Amends  the  State  Employee,  Universities,  and  Downstate  and      
   Chicago Teacher Articles of the Illinois Pension Code.  Declares it to      
   be the public policy of this State and the intention  of  the  General      
   Assembly  to  protect  annuitants against significant decreases in the      
   purchasing power of retirement and survivor's annuities.  Directs  the      
   affected  retirement  systems  to  review  and  report  on significant      
   changes in purchasing power.  Provides  for  a  one-time  increase  in      
   certain  retirement  and survivor's annuities.  Requires the resulting      
   liability to be paid on a level dollar basis over a period of 10 years      
   beginning July 1, 2003.  Amends the  State  Mandates  Act  to  require      
   implementation without reimbursement.  Effective immediately.               
          PENSION NOTE (Pension Laws Commission)                               
          SB 171 would increase the annuities of 26,850 retirees and           
          survivors and increase the accrued liabilities of the affected       
          systems by $251.1 million. The annual level dollar payment           
          required to amortize the increase in accrued liability over 10       
          years is estimated to be $33.4 million (excludes Chicago             
          Teachers' Pension Fund).                                             
           State Universities Retirement System                                
            Increase in accrued liability                  $ 31.3 million      
            Annual amortization payment over 10 years      $  6.1 million      
           Teachers' Retirement System                                         
            Increase in accrued liability                  $142.8 million      
            Annual amortization payment over 10 years      $ 21.3 million      
           State Employees' Retirement System                                  
            Increase in accrued liability                  $ 37.9 million      
            Annual amortization payment over 10 years      $  6.0 million      
           Chicago Teachers' Pension Fund                                      
            Increase in accrued liability                  $ 39.1 million      
            Annual amortization payment over 10 years      $  8.1 million      
 
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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