Bill Status of HB0431 95th General Assembly
Short Description: PEN CD-CHI TEACHERS-ERI
Rep. Richard T. Bradley
| 1/13/2009||House||Session Sine Die|
Statutes Amended In Order of Appearance
Synopsis As Introduced
Amends the Chicago Teacher Article of the Illinois Pension Code. Provides an early retirement incentive program for certain teachers who terminate service on or after February 1, 2008 and on or before June 30, 2008 or on or after February 1, 2009 and on or before June 30, 2009. Allows the purchase of up to 5 years of age enhancement and creditable service. Amends the State Mandates Act to require implementation without reimbursement. Effective immediately.
| ||Pension Note (Government Forecasting & Accountability)|
| ||According to the System’s actuary, based on June 30, 2005 actuarial data and an assumed 40% utilization rate amongst eligible employees (8,261 participants), the ERI program contained in HB 431 would result in a net increase in accrued liabilities of $491 million. If a ten-year, level-dollar amortization schedule is adopted, an annual payment of $70.2 million would be required over the next ten years.