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94TH GENERAL ASSEMBLY
State of Illinois
2005 and 2006 HB0306
Introduced 1/19/2005, by Rep. Robert S. Molaro SYNOPSIS AS INTRODUCED: |
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40 ILCS 5/17-119 |
from Ch. 108 1/2, par. 17-119 |
30 ILCS 805/8.29 new |
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Amends the Chicago Teacher Article of the Pension Code. Accelerates the
initial annual increase in retirement pension to the January following the
first anniversary of retirement. Amends the State Mandates Act to require
implementation without reimbursement. Effective immediately.
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FISCAL NOTE ACT MAY APPLY |
PENSION IMPACT NOTE ACT MAY APPLY |
STATE MANDATES ACT MAY REQUIRE REIMBURSEMENT |
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A BILL FOR
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HB0306 |
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LRB094 03435 LRD 33438 b |
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| AN ACT in relation to public employee benefits.
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| Be it enacted by the People of the State of Illinois, |
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| represented in the General Assembly:
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| Section 5. The Illinois Pension Code is amended by changing |
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| Section 17-119
as follows:
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| (40 ILCS 5/17-119) (from Ch. 108 1/2, par. 17-119)
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| Sec. 17-119. Automatic annual increase in pension.
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| (a) Each teacher retiring on or after September 1, 1959, is |
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| entitled to
the annual increase in pension, defined herein, |
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| while he is receiving a pension
from the Fund.
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| 1. The term "base pension" means a service retirement |
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| or disability
retirement pension in the amount fixed and |
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| payable at the date of
retirement of a teacher.
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| 2. The annual increase in pension shall be at the rate |
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| of 1 1/2% of
base pension. This increase shall first occur |
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| in January of the year
next following the first anniversary |
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| of retirement. At such time the
Fund shall pay the pro rata |
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| part of the increase for the period from the
first |
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| anniversary date to the date of the first increase in
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| pension. Beginning January 1, 1972, the rate of annual |
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| increase in
pension shall be 2% of the base pension. |
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| Beginning January 1, 1979, the
rate of annual increase in |
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| pension shall be 3% of the base pension.
Beginning January |
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| 1, 1990, all automatic annual increases payable under
this |
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| Section shall be calculated as a percentage of the total |
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| pension
payable at the time of the increase, including all |
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| increases previously
granted under this Article, |
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| notwithstanding Section 17-157.
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| 3. For a retired teacher who withdraws from service |
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| before January 1,
2006, an increase in pension shall be |
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| granted only if the retired teacher is
age 60 or over. If |
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| the teacher attains age 60 after retirement, the increase
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