PEN CD-INTEREST ON REFND
Synopsis of Bill as introduced:
Amends the Chicago Teachers Article of the Illinois Pension Code.
Provides that refunds of certain contributions shall include interest
thereon at the rate of 5% per year, compounded annually. Amends the
State Mandates Act to require implementation without reimbursement.
PENSION NOTE (Pension Laws Commission)
According to the Fund's actuary, HB 2212 would increase the
accrued liability of the Fund by $14.8 million. The resulting
increase in total annual cost is estimated to be $2.4 million,
or 0.16% of payroll.
Last action on Bill: SESSION SINE DIE
Last action date: JAN-07-2003
Amendments to Bill: AMENDMENTS ADOPTED: HOUSE - 0 SENATE - 0
END OF INQUIRY
Full Text Bill Status