PEN CD-SERS-SOC SEC OFFSET

Amends the State Employee Article of the Illinois Pension Code. Provides that, beginning January 1, 2008, the social security offset shall no longer be applied to any widow's or survivor's annuities. Provides that the retirement contribution for covered employees is increased 0.5% to remove the Social Security offset from their widow's or survivor's annuity, thus making their total contribution for that purpose 1.0%. Provides that, on or before January 1, 2008 and at future dates as established by the State Employees' Retirement System of Illinois, the covered employee may elect not to increase or to decrease his or her contribution, thus making his or her widow's or survivor's annuity subject to the Social Security offset. Provides that, after January 1, 2008, any contributions already made to the System for the purpose of removing the Social Security offset shall not be refunded and any election with reference to the Social Security offset shall be made within the limitations specified by the System. Specifies that the increased contributions are included in certain refunds. Specifies the required funding for the new benefit increase; specifies the effects of expiration if the General Assembly fails to extend the new benefit increase. Effective immediately.