40 ILCS 5/17-119.1
30 ILCS 805/8.25 new
Amends the Chicago Teacher Article of the Illinois Pension Code.
Provides that a person with at least 30 years of service at retirement
may have that service converted to the augmented rate without paying
any additional contribution. Amends the State Mandates Act to require
implementation without reimbursement. Effective immediately.
PENSION NOTE (Pension Laws Commission)
Based on the 2000 actuarial valuation, the increase in the
present value of future employer contributions is estimated
to be $26.5 million. The increase in total annual cost is
estimated to be $1.3 milion, or 0.09% of payroll.
FEB-01-2001 S FIRST READING
FEB-01-2001 S REFERRED TO SENATE RULES COMMITTEE RULES
FEB-21-2001 S ASSIGNED TO COMMITTEE INS & PENS.
FEB-22-2001 S PENSION NOTE FILED AS INTRODUCED
MAR-06-2001 S TO SUBCOMMITTEE
MAR-06-2001 S COMMITTEE INS & PENS.
MAR-31-2001 S RE-REFERRED TO RULES COMM/RULE 3-9(A) RULES
JAN-07-2003 S SESSION SINE DIE
END OF INQUIRY
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