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
END OF INQUIRY
Full Text Bill Summary