Senate Sponsors: MADIGAN,R-MAITLAND-MAHAR-LUECHTEFELD-MYERS, JONES,W, CRONIN, BOMKE, WATSON AND PETERSON. Short description: PEN CD-PURCHASING POWER INCRS Synopsis of Bill as introduced: Amends the State Employee, Universities, and Downstate and Chicago Teacher Articles of the Illinois Pension Code. Declares it to be the public policy of this State and the intention of the General Assembly to protect annuitants against significant decreases in the purchasing power of retirement and survivor's annuities. Directs the affected retirement systems to review and report on significant changes in purchasing power. Provides for a one-time increase in certain retirement and survivor's annuities. Requires the resulting liability to be paid on a level dollar basis over a period of 10 years beginning July 1, 2003. Amends the State Mandates Act to require implementation without reimbursement. Effective immediately. PENSION NOTE (Pension Laws Commission) SB 171 would increase the annuities of 26,850 retirees and survivors and increase the accrued liabilities of the affected systems by $251.1 million. The annual level dollar payment required to amortize the increase in accrued liability over 10 years is estimated to be $33.4 million (excludes Chicago Teachers' Pension Fund). State Universities Retirement System Increase in accrued liability $ 31.3 million Annual amortization payment over 10 years $ 6.1 million Teachers' Retirement System Increase in accrued liability $142.8 million Annual amortization payment over 10 years $ 21.3 million State Employees' Retirement System Increase in accrued liability $ 37.9 million Annual amortization payment over 10 years $ 6.0 million Chicago Teachers' Pension Fund Increase in accrued liability $ 39.1 million Annual amortization payment over 10 years $ 8.1 million 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