BOMKE. 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 previous military service purchases the credit, accrued lia- bility 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 lia- bility would increase by $9.0 million. FEB-21-2001 S FIRST READING FEB-21-2001 S REFERRED TO SENATE RULES COMMITTEE RULES FEB-28-2001 S ASSIGNED TO COMMITTEE INS & PENS. MAR-01-2001 S PENSION NOTE FILED AS INTRODUCED MAR-06-2001 S TO SUBCOMMITTEE MAR-06-2001 S COMMITTEE INS & PENS. MAR-31-2001 S RE-REFERRED TO RULES COMM/RULE 3-9(A) RULES JAN-07-2003 S SESSION SINE DIE END OF INQUIRY Full Text Bill Summary