92nd General Assembly
Status of HB0615
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 Full Text  Bill Summary

   40 ILCS 5/16-127          from Ch. 108 1/2, par. 16-127                     
   40 ILCS 5/16-128          from Ch. 108 1/2, par. 16-128                     
   40 ILCS 5/17-134          from Ch. 108 1/2, par. 17-134                     
   30 ILCS 805/8.25 new                                                        

        Amends the Downstate and Chicago Teacher Articles of the Illinois      
   Pension Code.  Allows service credit for time spent in the Peace Corps      
   or AmeriCorps (VISTA).  Requires payment of both employee and employer      
   contributions, plus  interest.   Amends  the  State  Mandates  Act  to      
   require implementation without reimbursement.  Effective immediately.       
          PENSION NOTE (Pension Laws Commission)                               
          The total fiscal impact of HB 615 cannot be determined, as the       
          amount of credit that would be purchased is unknown. However,        
          the amount paid to purchase the service credit may not equal         
          the total cost of establishing the additional service credit.        
          Employees are required to make the employee and employer con-        
          tributions, plus interest. Members of TRS are required to pay        
          6% interest compounded annually while members of CTRS are re-        
          quired to pay 5% interest compounded annually. Both interest         
          rates are lower than the actuarial rate of return assumed by         
          the Systems, which is 8.5% for TRS and 8.0% for CTRS.                
   FEB-06-2001  H  FILED WITH CLERK                                               
   FEB-06-2001  H  ADDED AS A JOINT SPONSOR                 BOST                  
   FEB-06-2001  H  FIRST READING                                                  
   FEB-06-2001  H  REFERRED TO HOUSE RULES COMMITTEE        RULES                 
   FEB-07-2001  H       ASSIGNED TO COMMITTEE               PERS PENSION          
   FEB-16-2001  H  ADDED AS A JOINT SPONSOR                 MCKEON                
   FEB-16-2001  H  ADDED AS A JOINT SPONSOR                 PANKAU                
   FEB-16-2001  H  ADDED AS A JOINT SPONSOR                 PERSICO               
   FEB-16-2001  H  ADDED AS A CO-SPONSOR                    BASSI                 
   MAR-12-2001  H                        PENSION NOTE FILED                       
   MAR-12-2001  H                   COMMITTEE               PERS PENSION          
   MAR-16-2001  H  RE-REFERRED TO RULES COMM/RULE 19(A)     RULES         HRUL    
   JAN-07-2003  H  SESSION SINE DIE                                               


 Full Text  Bill Summary