Senate Sponsors: MADIGAN,R-SIEBEN-BOMKE-MOLARO-MYERS, JACOBS, DELEO, DUDYCZ AND RADOGNO. Short description: PEN CD-SERS-HIGHWAY WORKERS Synopsis of Bill as introduced: Amends the State Employee Article of the Illinois Pension Code to put highway maintenance workers employed by IDOT or the Illinois State Toll Highway Authority under the alternative (State Police) retirement formula. Effective immediately. PENSION NOTE (Pension Laws Commission) According to the System's actuary, increasing the alternative formula would increase the accrued liability of SERS by an estimated $280.8 million. The first year cost would be $2.47 million, or 0.07% of payroll. In FY 2010, the employer contri- bution would be $10.73 million, or 0.24% of payroll. There would be a fiscal impact for the other provisions of SB 102, but it has not been determined and is estimated to be minor. PENSION NOTE, REVISED (Pension Laws Commission) According to the System's actuary, SB 102 would increase the accrued liability of SERS by $75.5 million. The increase in annual cost is estimated to be 0.05% of payroll in FY 2001 ($2.0 million) and incrementally increase to 0.19% of payroll in FY 2010 ($8.5 million) and thereafter. According to SERS, SB 102 would add 2,421 regular members of SERS to the alter- native formula. Last action on Bill: SESSION SINE DIE Last action date: JAN-07-2003 Location: Senate Amendments to Bill: AMENDMENTS ADOPTED: HOUSE - 0 SENATE - 0 END OF INQUIRY Full Text Bill Status