Bill Status of SB 1486   94th General Assembly

Short Description:  PEN CD-SURS-PURCHASING POWER

Senate Sponsors
Sen. James F. Clayborne, Jr.

Last Action  View All Actions

DateChamber Action
  1/9/2007SenateSession Sine Die

Statutes Amended In Order of Appearance
40 ILCS 5/15-136from Ch. 108 1/2, par. 15-136
40 ILCS 5/15-136.3
40 ILCS 5/15-137.1 new
40 ILCS 5/15-145from Ch. 108 1/2, par. 15-145
40 ILCS 5/15-155from Ch. 108 1/2, par. 15-155
40 ILCS 5/15-165from Ch. 108 1/2, par. 15-165

Synopsis As Introduced
Amends the State Universities Article of the Illinois Pension Code. Declares it to be the public policy of this State and the intention of the General Assembly to protect annuitants against significant decreases in the purchasing power of retirement and survivor's annuities. Directs the System to review and report on significant changes in purchasing power. Provides for a one-time increase in certain retirement and survivor's annuities. Requires the resulting liability to be paid on a level dollar basis over a period of 10 years beginning July 1, 2007. Effective immediately.

 Pension Note (Government Forecasting & Accountability)
 Would increase the accrued liabilities and annual costs of SURS. The amount of the increase is currently unknown.

Actions 
DateChamber Action
  2/23/2005SenateFiled with Secretary by Sen. James F. Clayborne, Jr.
  2/23/2005SenateFirst Reading
  2/23/2005SenateReferred to Rules
  3/2/2005SenateAssigned to Pensions & Investments
  3/9/2005SenateTo Subcommittee
  3/11/2005SenatePension Note Filed from the Commission on Government Forecasting and Accountability.
  3/18/2005SenateRule 3-9(a) / Re-referred to Rules
  1/9/2007SenateSession Sine Die

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