92nd General Assembly
Summary of HB0149
   [ Home ]   [ Back ]   [ Legislation ]
Please enter a bill number.

 Full Text  Bill Status
House Sponsors:

Short description: 
PEN CD-SOCIAL SECURITY OFFSET                                              

Synopsis of Bill as introduced:
        Amends the State Employee Article of the Pension Code  to  remove      
   the  Social  Security  offset against widow and survivor annuities for      
   all annuitants, beginning January 1, 2002.  Effective immediately.          
          PENSION NOTE (Pension Laws Commission)                               
          HB 149 would increase the accrued liabilities of SERS by an          
          estimated $291 million. The estimated increase in the required       
          annual State contribution, per P.A. 88-593, is shown below:          
          Fiscal Year     Estimated Payroll       Estimated Contributions      
          2002            3,530.0 million                             0.0      
          2003            3,654.0 million                             0.0      
          2005            3,908.0 million                             0.0      
          2010            4,585.0 million                            62.9      
          2020            6,341.0 million                            87.0      
          2030            9,183.0 million                           126.0      
          2045           16,584.0 million                           275.3      
          Even with the elimination of the Social Security offset and the      
          resulting increase in accrued liability, required State contri-      
          butions to SERS are not expected to change until FY 2010, as         
          the minimum statutory rates are expected to be higher than the       
          calculated actuarial rates, per P.A. 90-65, until then.              
Last action on Bill: SESSION SINE DIE

   Last action date: JAN-07-2003

           Location: House

 Amendments to Bill: AMENDMENTS ADOPTED: HOUSE -   0     SENATE -   0


 Full Text  Bill Status