House Sponsors: SMITH,MICHAEL. Short description: PEN CD-SOCIAL SECURITY OFFSET Synopsis of Bill as introduced: Amends the State Employee Article of the Illinois Pension Code to remove the Social Security offset against widow and survivor annuities for all annuitants, beginning January 1, 2003. Effective immediately. PENSION NOTE (Pension Laws Commission) According to the System's actuary, HB 3758 would increase the accrued liabilities of the SERS by an estimated $219 million. The estimated increase in the required annual State contribu- tion, per P.A. 88-593 is as follows: FY 2003 estimated payroll $ 3,762.0 million FY 2003 estimated contributions 0.0 FY 2004 estimated payroll 3,890.0 million FY 2004 estimated contributions 0.0 FY 2005 estimated payroll 4,020.0 million FY 2005 estimated contributions 4.1 million FY 2010 estimated payroll 4,711.0 million FY 2010 estimated contributions 31.2 million FY 2020 estimated payroll 6,518.0 million FY 2020 estimated contributions 43.2 million FY 2030 estimated payroll 9,445.0 million FY 2030 estimated contributions 62.6 million FY 2045 estimated payroll 17,042.0 million FY 2045 estimated contributions 112.8 million Even with the elimination of the Social Security offset and the resulting increase in accrued liability, required State contributions to SERS are not expected to change until FY 2005, as the minimum statutory rates established by P.A. 90-65 are expected to be higher than the calculated actuarial rates (per P.A. 88-953) 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 END OF INQUIRY Full Text Bill Status