92nd General Assembly
Status of SB1632
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 Full Text  Bill Summary

   40 ILCS 5/17-116          from Ch. 108 1/2, par. 17-116                     
   30 ILCS 805/8.26 new                                                        

        Amends the Chicago Teacher Article of the Illinois Pension  Code.      
   Provides  that  a  teacher  may receive a retirement pension at age 60      
   with 10 years of service.  Amends the State Mandates  Act  to  require      
   implementation without reimbursement.  Effective immediately.               
          PENSION NOTE (Pension Laws Commission)                               
          Based on the 1999 actuarial valuation, SB 1632 would increase        
          the accrued liability of the Fund by $26.3 million. The corres-      
          ponding increase in total annual cost would be $4.1 million,         
          or 0.27% of payroll.                                                 
   JAN-29-2002  S  FIRST READING                                                  
   JAN-29-2002  S  REFERRED TO SENATE RULES COMMITTEE       RULES                 
   FEB-15-2002  S                        PENSION NOTE FILED AS INTRODUCED         
   FEB-15-2002  S                   COMMITTEE               RULES                 
   JAN-07-2003  S  SESSION SINE DIE                                               


 Full Text  Bill Summary