92nd General Assembly
Summary of SB0413
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Senate Sponsors:
LUECHTEFELD-MAITLAND.

Short description: 
PEN CD-UNIV-THIRTEENTH CHECK                                               

Synopsis of Bill as introduced:
        Amends the State Universities Article  of  the  Illinois  Pension      
   Code.    Provides  for  an  additional  payment to persons receiving a      
   retirement or survivor annuity, equal to half the monthly benefit,  to      
   be  paid  on the December 31 next following a fiscal year in which the      
   System's investment return is at least 190% of the prescribed rate  of      
   interest  determined  for  that  year  by  the  Board.  Terminates the      
   benefit after the System's 2003-2004 fiscal year.  Makes  the  benefit      
   available  only  if  the  System's  funding  ratio  is  at  least 90%.      
   Effective immediately.                                                      
          PENSION NOTE (Pension Laws Commission)                               
          There is no increase in accrued liability associated with            
          SB 413 but there is a cost (that cannot be determined) as some       
          investment returns that would normally remain with SURS to be        
          reinvested would instead be paid out as benefits. This would         
          increase State contributions over time by an amount that cannot      
          be determined. The increase in annual contributions is estimat-      
          ed to be minor, as the 13th check could only be paid a maximum       
          of 4 times (fiscal years 2001 through 2004).                         
 
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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