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%.
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).
FEB-20-2001 S FIRST READING
FEB-20-2001 S REFERRED TO SENATE RULES COMMITTEE RULES
FEB-28-2001 S ASSIGNED TO COMMITTEE INS & PENS.
MAR-06-2001 S TO SUBCOMMITTEE
MAR-12-2001 S PENSION NOTE FILED AS INTRODUCED
MAR-12-2001 S COMMITTEE INS & PENS.
MAR-31-2001 S RE-REFERRED TO RULES COMM/RULE 3-9(A) RULES
JAN-07-2003 S SESSION SINE DIE
END OF INQUIRY
Full Text Bill Summary