SB 588 Illinois Senate · 93rd Regular Session

PEN CD-SURS-PURCHASING POWER

Summary

Amends the State Universities Article 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 System 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, 2005. Effective immediately.

Bill status failed 1 of 4 stages cleared

Introduction

Feb 2003

Committee Review

Floor Vote

Governor

Introduced Feb 28, 2003 Last action Jan 11, 2005

Floor votes

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Full legislative history

Actions timeline

Total actions

Key actions

Committee

Jul 1, 2003

Committee

Pursuant to Senate Rule 3-9(b) / Referred to Rules

upper

Mar 13, 2003

Upper · Passed

Do Pass Insurance & Pensions; 010-000-000

upper

Mar 5, 2003

Upper · Passed

To Subcommittee

upper

Feb 28, 2003

Introduced

Pension Note Filed As Introduced

upper

Feb 19, 2003

Committee

Assigned to Insurance & Pensions

upper

Feb 18, 2003

Committee

Referred to Rules

upper

0 primary · 1 co-sponsor