SMITH,MICHAEL-BOLAND-MURPHY-BLACK-MCAULIFFE AND POE. (BOMKE-DUDYCZ-O'MALLEY) 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-31-2001 H FILED WITH CLERK FEB-05-2001 H FIRST READING FEB-05-2001 H REFERRED TO HOUSE RULES COMMITTEE RULES FEB-09-2001 H PENSION NOTE FILED FEB-09-2001 H COMMITTEE RULES FEB-15-2001 H ASSIGNED TO COMMITTEE PERS PENSION MAR-13-2001 H ADDED AS A CO-SPONSOR POE MAR-16-2001 H DO PASS/SHORT DEBATE 011-000-000 HPPN MAR-16-2001 H PLACED CALENDAR 2ND READING-SHORT DEBATE MAR-20-2001 H SECOND READING-SHORT DEBATE MAR-20-2001 H PLCD CAL ORDER 3RD READING-SHORT DEBATE MAR-22-2001 H ADDED AS A JOINT SPONSOR BOLAND MAR-22-2001 H ADDED AS A JOINT SPONSOR MURPHY MAR-22-2001 H THIRD READING/SHORT DEBATE/PASSED 113-000-000 MAR-22-2001 H ADDED AS A JOINT SPONSOR BLACK MAR-22-2001 H ADDED AS A JOINT SPONSOR MCAULIFFE MAR-27-2001 S ARRIVE IN SENATE MAR-27-2001 S PLACED CALENDAR ORDER OF FIRST READING 01-03-28 MAR-27-2001 S CHIEF SPONSOR BOMKE MAR-27-2001 S FIRST READING MAR-27-2001 S REFERRED TO SENATE RULES COMMITTEE RULES APR-06-2001 S ASSIGNED TO COMMITTEE INS & PENS. MAY-08-2001 S DO PASS 009-000-000 SINS MAY-08-2001 S PLACED ON CALENDAR ORDER OF 2ND READING 01-05-09 MAY-09-2001 S ADDED AS A CHIEF CO-SPONSOR DUDYCZ MAY-16-2001 S SECOND READING MAY-16-2001 S PLACED ON CALENDAR ORDER OF 3RD READING 01-05-17 MAY-17-2001 S ADDED AS A CHIEF CO-SPONSOR O'MALLEY MAY-17-2001 S THIRD READING - PASSED 055-002-000 MAY-17-2001 H PASSED BOTH HOUSES JUN-14-2001 H SENT TO THE GOVERNOR JUL-12-2001 H GOVERNOR APPROVED JUL-12-2001 H EFFECTIVE DATE 01-07-12 JUL-12-2001 H PUBLIC ACT.............................. 92-0054 END OF INQUIRY Full Text Bill Summary