90th General Assembly
Summary of HB0357
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House Sponsors:
CAPPARELLI-LYONS,JOSEPH-BUGIELSKI-BURKE-MCAULIFFE, 
   LOPEZ, LANG AND SAVIANO.

Short description: 
PEN CD-CHGO TCHR-EARLY RETMT                                               

Synopsis of Bill as introduced:
        Amends the Chicago Teacher Article of the Pension Code to  extend      
   the  early retirement program for persons who retire at the end of the      
   1996-1997 school year.  Amends  the  State  Mandates  Act  to  require      
   implementation without reimbursement.  Effective immediately.               
          PENSION NOTE                                                         
           Increase in accrued liability                                       
            at 25% utilization                                    $21.8 M      
            at 50% utilization                                    $43.6 M      
            at 75% utilization                                    $65.4 M      
           Increase in total annual cost                                       
            at 25% utilization                                    $ 1.1 M      
            at 50% utilization                                    $ 2.1 M      
            at 75% utilization                                    $ 3.2 M      
           Increase in total annual cost as a percent of payroll               
            at 25%                                                   .10%      
            at 50%                                                   .20%      
            at 75%                                                   .29%      
 
Last action on Bill: SESSION SINE DIE

   Last action date: 99-01-12

           Location: House

 Amendments to Bill: AMENDMENTS ADOPTED: HOUSE -   0     SENATE -   0


   END OF INQUIRY 



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