James F. Clayborne, Jr.
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.
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Session Sine Die
Pursuant to Senate Rule 3-9(b) / Referred to Rules
Third Reading Deadline Extended - Rule 2-10(e) to April 9, 2003.
Fiscal Note Filed
Added as Co-Sponsor Sen. Richard J. Winkel, Jr.
Fiscal Note Requested by Sen. Bill Brady
Do Pass Insurance & Pensions; 010-000-000
Placed on Calendar Order of 2nd Reading March 18, 2003
Pension Note Filed As Introduced
Postponed - Insurance & Pensions
Assigned to Insurance & Pensions
Referred to Rules
Filed with Secretary by Sen. James F. Clayborne, Jr.
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