SB1668 amends the Illinois Pension Code to adjust employer contributions to the State Employees' Retirement System.
SB1668 amends the Illinois Pension Code to modify employer contributions to the State Employees' Retirement System. It specifies the calculation of employer contributions based on actuarial tables and assumptions, and sets minimum contribution rates to maintain the system's assets at 90% of its actuarial liabilities. The bill also details provisions for handling salary increases, furloughs, and other factors affecting contributions.
Included in complete analysis
- Overview
- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
Analyze for Free
See what it does, who it affects, and the critical issues in plain language. Free, 30 seconds.