SMITH,MICHAEL. 40 ILCS 5/14-114 from Ch. 108 1/2, par. 14-114 40 ILCS 5/14-119 from Ch. 108 1/2, par. 14-119 40 ILCS 5/14-121 from Ch. 108 1/2, par. 14-121 40 ILCS 5/14-128 from Ch. 108 1/2, par. 14-128 Amends the State Employee Article of the Illinois Pension Code. Increases the automatic annual increase in annuity from 3% to 4% for persons who receive the alternative retirement formula, for their surviving spouses, and for persons receiving an occupational death benefit based on the death of a person who, on his or her last day of service, was earning eligible creditable service. Effective immediately. PENSION NOTE (Illinois Pension Laws Commission) The Commission's actuary estimates that HB 5010 will increase the accrued liability of the System by $299.1 million. The in- crease in annual costs is estimated to be $28.6 million or 0.80% of total payroll, and 3.26% of alternative formula payroll. FEB-06-2002 H FILED WITH CLERK FEB-06-2002 H FIRST READING FEB-06-2002 H REFERRED TO HOUSE RULES COMMITTEE RULES FEB-22-2002 H PENSION NOTE FILED FEB-22-2002 H COMMITTEE RULES JAN-07-2003 H SESSION SINE DIE END OF INQUIRY Full Text Bill Summary