92nd General Assembly
Status of HB2366
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   40 ILCS 5/15-140.1 new                                                      

        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            
          HB 2236 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        
          estimated to be minor, as the 13th check could only be paid a        
          maximum of 4 times (FY 2001 through 2004). According to SURS,        
          if the provision that grants the 13th check had been in effect       
          from 1971 to 1997, the benefit would have been paid in 10 of         
          the last 26 years (37% of the time). SURS would have distribu-       
          ted $19 million on December 1, 1998 due to a total return on         
          investment assets equal to over 200% of the investment return        
          assumption. SURS would not have issued a 13th check on either        
          December 1, 1999 or December 1, 2000.                                
   FEB-23-2001  H  FILED WITH CLERK                                               
   FEB-23-2001  H  FIRST READING                                                  
   FEB-23-2001  H  REFERRED TO HOUSE RULES COMMITTEE        RULES                 
   FEB-27-2001  H       ASSIGNED TO COMMITTEE               PERS PENSION          
   MAR-12-2001  H                        PENSION NOTE FILED                       
   MAR-12-2001  H                   COMMITTEE               PERS PENSION          
   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