Bill Status of SB1486 94th General Assembly
Short Description: PEN CD-SURS-PURCHASING POWER
Sen. James F. Clayborne, Jr.
| 1/9/2007||Senate||Session Sine Die|
Statutes Amended In Order of Appearance
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.|
|Date||Chamber|| Action|| 2/23/2005||Senate||Filed with Secretary by Sen. James F. Clayborne, Jr.|| 2/23/2005||Senate||First Reading|| 2/23/2005||Senate||Referred to Rules|| 3/2/2005||Senate||Assigned to Pensions & Investments|| 3/9/2005||Senate||To Subcommittee|| 3/11/2005||Senate||Pension Note Filed from the Commission on Government Forecasting and Accountability.|| 3/18/2005||Senate||Rule 3-9(a) / Re-referred to Rules|| 1/9/2007||Senate||Session Sine Die|