92nd General Assembly
Status of HB3702
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 Full Text  Bill Summary

   40 ILCS 5/17-119          from Ch. 108 1/2, par. 17-119                     
   40 ILCS 5/17-122          from Ch. 108 1/2, par. 17-122                     
   30 ILCS 805/8.26 new                                                        

        Amends the Chicago Teacher Article of the Illinois  Pension  Code      
   to   provide  for  a  one-time  increase  in  certain  retirement  and      
   survivor's annuities.   Amends  the  State  Mandates  Act  to  require      
   implementation without reimbursement.  Effective immediately.               
          PENSION NOTE (Pension Laws Commission)                               
          The fiscal impact of HB 3702 has not been determined, but would      
          be significant. According to an analysis prepared in 1999 by         
          the Fund's actuary, an essentially identical bill would have         
          increased the accrued liabilities of the Fund by $121.5              
          million. The increase in total annual cost was estimated to be       
          $6.1 million, or 0.42% of payroll. It is estimated that HB 3702      
          would have a larger impact, by an amount that has not been           
   NOV-28-2001  H  FILED WITH CLERK                                               
   NOV-29-2001  H  FIRST READING                                                  
   NOV-29-2001  H  REFERRED TO HOUSE RULES COMMITTEE        RULES                 
   JAN-22-2002  H                        PENSION NOTE FILED                       
   JAN-22-2002  H                   COMMITTEE               RULES                 
   JAN-07-2003  H  SESSION SINE DIE                                               


 Full Text  Bill Summary