PEN CD-UNIV-30 YEARS ANY AGE
Synopsis of Bill as introduced:
Amends the State Universities Article of the Illinois Pension
Code. Allows retirement at any age with 30 years of service.
PENSION NOTE (Pension Laws Commission)
According to the System's actuary, SB 584 would increase the
accrued liability of SURS by $61.4 million. The estimated in-
crease in FY 2002 employer contributions is $0.1 million, or
0.01% of payroll. The increase in employer contributions in
FY 2010 is estimated to be $1.3 million, or 0.03% of payroll.
After 2010, the increase in required contributions is expected
to remain 0.03% of payroll for the remainder of the Public Act
88-0593 funding period.
Last action on Bill: SESSION SINE DIE
Last action date: JAN-07-2003
Amendments to Bill: AMENDMENTS ADOPTED: HOUSE - 0 SENATE - 0
END OF INQUIRY
Full Text Bill Status