HB5012 - Illinois: General Assembly, State Employee

PEN CD-SERS-SOC SEC OFFSET Amends the State Employee Article of the Illinois Pension Code. Provides that, beginning January 1, 2009, the social security offset shall no longer be applied to specified widow's or survivor's annuities. Provides that the retirement contribution for covered employees is increased 0.6% to remove the Social Security offset from their widow's or survivor's annuity, thus making their total contribution for that purpose 1.1%. Provides that, on or before January 1, 2009 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, 2009, 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 [...]

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