92nd General Assembly
Status of SB0674
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 Full Text  Bill Summary

   40 ILCS 5/17-116          from Ch. 108 1/2, par. 17-116                     
   30 ILCS 805/8.25 new                                                        

        Amends the Chicago Teachers Article of the Illinois Pension Code.      
   Raises the maximum allowable service retirement pension  from  75%  to      
   80%  of  average  salary.  Amends  the  State  Mandates Act to require      
   implementation without reimbursement. Effective immediately.                
          PENSION NOTE (Pension Laws Commission)                               
          According to an estimate prepared by th Fund's actuary (based        
          on the 1999 actuarial valuation), SB 674 would increase the          
          accrued liability of the Fund by $143.9 million. The corres-         
          ponding increase in total annual cost would be $12.7 million         
          or 0.83% of payroll.                                                 
   FEB-21-2001  S  FIRST READING                                                  
   FEB-21-2001  S  REFERRED TO SENATE RULES COMMITTEE       RULES                 
   FEB-28-2001  S       ASSIGNED TO COMMITTEE               INS & PENS.           
   MAR-06-2001  S       TO SUBCOMMITTEE                                           
   MAR-12-2001  S                        PENSION NOTE FILED AS INTRODUCED         
   MAR-12-2001  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                                               


 Full Text  Bill Summary