92nd General Assembly
Summary of SB0737
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Senate Sponsors:

Short description: 
PEN CD-TRS-SYSTEM EMPLOYEES                                                

Synopsis of Bill as introduced:
        Amends the Downstate Teacher  Article  of  the  Illinois  Pension      
   Code.    Provides  for  participation  in the System by all new System      
   employees.  (Currently, the only System employees who are  allowed  to      
   participate are executives and persons who are certificated teachers.)      
   Effective immediately.                                                      
          PENSION NOTE (Pension Laws Commission)                               
          The coverage costs to SERS equals normal cost plus Social            
          Security contributions. SB 737 will decrease both employer           
          and employee normal costs as shown below.                            
           employer normal cost (including employer FICA)                      
            SERS/Social Security                                   10.05%      
            TRS                                                     7.84%      
           employee normal cost (including employee FICA)                      
            SERS/Social Security                                   10.20%      
            TRS                                                     9.00%      
Last action on Bill: SESSION SINE DIE

   Last action date: JAN-07-2003

           Location: Senate

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


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