Bill Status of SB2269 94th General Assembly
Short Description: PENCD-CHGO TCHR-REFUND-AUGMENT
Sen. Iris Y. Martinez
| 1/9/2007||Senate||Session Sine Die|
Statutes Amended In Order of Appearance
Synopsis As Introduced
Amends the Chicago Teacher Article of the Illinois Pension Code. Provides that the service retirement pension for a teacher who retires on or after the effective date of this amendatory Act shall be 2.4% (now 2.2%) of average salary for each year of creditable service. Eliminates the required contribution for converting past service to the augmented retirement formula, and provides for a refund of such contributions already paid. Also provides for recalculation of the pension and a lump sum payment of the difference between the augmented and unaugmented rates for certain pensioners. Amends the State Mandates Act to require implementation without reimbursement. Effective immediately.
|Date||Chamber|| Action|| 1/12/2006||Senate||Filed with Secretary by Sen. Iris Y. Martinez|| 1/12/2006||Senate||First Reading|| 1/12/2006||Senate||Referred to Rules|| 1/9/2007||Senate||Session Sine Die|