92nd General Assembly
Status of HB0315
   [ Home ]   [ Back ]   [ Legislation ]
Please enter a bill number.

 Full Text  Bill Summary

   40 ILCS 5/14-104          from Ch. 108 1/2, par. 14-104                     

        Amends the State Employee Article of the Pension  Code.   Changes      
   the  method of calculating interest when purchasing service credit for      
   certain periods of military service.  Effective immediately.                
          PENSION NOTE (Pension Laws Commission)                               
          SERS estimates that there are over 9,000 employees with quali-       
          fying military service credit at an estimated average cost of        
          $2,000 per member. Therefore, if every member of SERS with pre-      
          vious military service purchases the credit, accrued liability       
          is estimated to increase by $18.0 million. Assuming only 50%         
          of SERS members with prior military service purchase the             
          credit, which is more likely, the estimated accrued liability        
          would increase by $9.0 million.                                      
   JAN-29-2001  H  FILED WITH CLERK                                               
   JAN-30-2001  H  FIRST READING                                                  
   JAN-30-2001  H  REFERRED TO HOUSE RULES COMMITTEE        RULES                 
   FEB-06-2001  H                        PENSION NOTE FILED                       
   FEB-06-2001  H                   COMMITTEE               RULES                 
   FEB-06-2001  H       ASSIGNED TO COMMITTEE               PERS PENSION          
   MAR-01-2001  H  ADDED AS A CO-SPONSOR                    POE                   
   MAR-16-2001  H  RE-REFERRED TO RULES COMM/RULE 19(A)     RULES         HRUL    
   JAN-07-2003  H  SESSION SINE DIE                                               


 Full Text  Bill Summary