92nd General Assembly
Status of SB0675
   [ Home ]   [ Back ]   [ Legislation ]
Please enter a bill number.

 Full Text  Bill Summary

   40 ILCS 5/17-131          from Ch. 108 1/2, par. 17-131                     
   30 ILCS 805/8.25 new                                                        

        Amends the Chicago Teacher Article of the Pension Code.  Provides      
   that salary received on or after July 1,  1999  for  overtime,  summer      
   school,   and   other  optional  service  shall  be  included  in  the      
   calculation of salary for pension purposes.  Amends the State Mandates      
   Act  to  require  implementation  without  reimbursement.    Effective      
          PENSION NOTE (Pension Laws Commission)                               
          According to an analysis prepared by the Fund's actuary (based       
          on the 1999 actuarial valuation), SB 675 would increase a            
          member's final average salary for pension purposes by 2.5%.          
          The resulting increase in accrued liability is estimated to be       
          $112.3 million. The increase in total annual cost is estimated       
          to be $11.7 million, or 0.77% 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