92nd General Assembly
Status of HB0149
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   40 ILCS 5/14-119          from Ch. 108 1/2, par. 14-119                     
   40 ILCS 5/14-121          from Ch. 108 1/2, par. 14-121                     

        Amends the State Employee Article of the Pension Code  to  remove      
   the  Social  Security  offset against widow and survivor annuities for      
   all annuitants, beginning January 1, 2002.  Effective immediately.          
          PENSION NOTE (Pension Laws Commission)                               
          HB 149 would increase the accrued liabilities of SERS by an          
          estimated $291 million. The estimated increase in the required       
          annual State contribution, per P.A. 88-593, is shown below:          
          Fiscal Year     Estimated Payroll       Estimated Contributions      
          2002            3,530.0 million                             0.0      
          2003            3,654.0 million                             0.0      
          2005            3,908.0 million                             0.0      
          2010            4,585.0 million                            62.9      
          2020            6,341.0 million                            87.0      
          2030            9,183.0 million                           126.0      
          2045           16,584.0 million                           275.3      
          Even with the elimination of the Social Security offset and the      
          resulting increase in accrued liability, required State contri-      
          butions to SERS are not expected to change until FY 2010, as         
          the minimum statutory rates are expected to be higher than the       
          calculated actuarial rates, per P.A. 90-65, until then.              
   JAN-05-2001  H  PREFILED WITH CLERK                                            
   JAN-05-2001  H  ADDED AS A JOINT SPONSOR                 POE                   
   JAN-05-2001  H  ADDED AS A JOINT SPONSOR                 LINDNER               
   JAN-10-2001  H  FIRST READING                                                  
   JAN-10-2001  H  REFERRED TO HOUSE RULES COMMITTEE        RULES                 
   JAN-26-2001  H                        PENSION NOTE FILED                       
   JAN-26-2001  H                   COMMITTEE               RULES                 
   JAN-31-2001  H       ASSIGNED TO COMMITTEE               PERS PENSION          
   MAR-16-2001  H  RE-REFERRED TO RULES COMM/RULE 19(A)     RULES         HRUL    
   MAR-26-2001  H  ADDED AS A JOINT SPONSOR                 SMITH,MICHAEL         
   JAN-07-2003  H  SESSION SINE DIE                                               


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