92nd General Assembly
Status of SB0976
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   40 ILCS 5/17-119          from Ch. 108 1/2, par. 17-119                     
   30 ILCS 805/8.25 new                                                        

        Amends the Chicago Teachers Article of the Illinois Pension Code.      
   Provides that, beginning January 1, 2002, if the percentage change  in      
   the  consumer price index for all urban consumers, as published by the      
   Bureau of Labor Statistics of the U.S. Department of Labor, for the 12      
   months ending on the preceding June 30th, exceeds 6%, then the rate of      
   annual increase in pension shall be 3% plus an  additional  percentage      
   equal  to  the  amount by which that percentage change in the consumer      
   price index exceeds 6%.  Amends the  State  Mandates  Act  to  require      
   implementation without reimbursement.  Effective immediately.               
          PENSION NOTE (Pension Laws Commission)                               
          According to the Fund's actuary, SB 976 would increase the           
          accrued liability of the Fund by $434.6 million. The resulting       
          increase in total annual cost is estimated to be $34.4 million,      
          or 2.26% of payroll. The estimate is based on the increases in       
          the CPI over the last 50 years.                                      
   FEB-22-2001  S  FIRST READING                                                  
   FEB-22-2001  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