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
END OF INQUIRY
Full Text Bill Summary