92nd General Assembly
Status of HB3758
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 Full Text  Bill Summary

   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 Illinois Pension Code to      
   remove the Social Security offset against widow and survivor annuities      
   for all annuitants, beginning January 1, 2003. Effective immediately.       
          PENSION NOTE (Pension Laws Commission)                               
          According to the System's actuary, HB 3758 would increase the        
          accrued liabilities of the SERS by an estimated $219 million.        
          The estimated increase in the required annual State contribu-        
          tion, per P.A. 88-593 is as follows:                                 
          FY 2003 estimated payroll                     $ 3,762.0 million      
          FY 2003 estimated contributions                             0.0      
          FY 2004 estimated payroll                       3,890.0 million      
          FY 2004 estimated contributions                             0.0      
          FY 2005 estimated payroll                       4,020.0 million      
          FY 2005 estimated contributions                     4.1 million      
          FY 2010 estimated payroll                       4,711.0 million      
          FY 2010 estimated contributions                    31.2 million      
          FY 2020 estimated payroll                       6,518.0 million      
          FY 2020 estimated contributions                    43.2 million      
          FY 2030 estimated payroll                       9,445.0 million      
          FY 2030 estimated contributions                    62.6 million      
          FY 2045 estimated payroll                      17,042.0 million      
          FY 2045 estimated contributions                   112.8 million      
          Even with the elimination of the Social Security offset and the      
          resulting increase in accrued liability, required State              
          contributions to SERS are not expected to change until FY 2005,      
          as the minimum statutory rates established by P.A. 90-65 are         
          expected to be higher than the calculated actuarial rates (per       
          P.A. 88-953) until then.                                             
   JAN-10-2002  H  FILED WITH CLERK                                               
   JAN-10-2002  H  FIRST READING                                                  
   JAN-10-2002  H  REFERRED TO HOUSE RULES COMMITTEE        RULES                 
   FEB-22-2002  H                        PENSION NOTE FILED                       
   FEB-22-2002  H                   COMMITTEE               RULES                 
   JAN-07-2003  H  SESSION SINE DIE                                               


 Full Text  Bill Summary