STEPHENS AND POE. 40 ILCS 5/14-104 from Ch. 108 1/2, par. 14-104 Amends the State Employee Article of the Pension Code. Changes the method of calculating interest when purchasing service credit for certain periods of military service. Effective immediately. PENSION NOTE (Pension Laws Commission) SERS estimates that there are over 9,000 employees with quali- fying military service credit at an estimated average cost of $2,000 per member. Therefore, if every member of SERS with pre- vious military service purchases the credit, accrued liability is estimated to increase by $18.0 million. Assuming only 50% of SERS members with prior military service purchase the credit, which is more likely, the estimated accrued liability would increase by $9.0 million. JAN-29-2001 H FILED WITH CLERK JAN-30-2001 H FIRST READING JAN-30-2001 H REFERRED TO HOUSE RULES COMMITTEE RULES FEB-06-2001 H PENSION NOTE FILED FEB-06-2001 H COMMITTEE RULES FEB-06-2001 H ASSIGNED TO COMMITTEE PERS PENSION MAR-01-2001 H ADDED AS A CO-SPONSOR POE MAR-16-2001 H RE-REFERRED TO RULES COMM/RULE 19(A) RULES HRUL JAN-07-2003 H SESSION SINE DIE END OF INQUIRY Full Text Bill Summary