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
END OF INQUIRY
Full Text Bill Summary