92nd General Assembly
Status of SB0413
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 Full Text  Bill Summary

   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            
          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                                               


 Full Text  Bill Summary