MADIGAN,R-NOLAND AND BOWLES. 40 ILCS 5/16-132 from Ch. 108 1/2, par. 16-132 40 ILCS 5/16-133 from Ch. 108 1/2, par. 16-133 Amends the Downstate Teacher Article of the Illinois Pension Code to allow retirement at any age with 34 years of service. Effective immediately. PENSION NOTE (Pension Laws Commission) SB 1703 would increase the accrued liability of TRS by an estimated $250 million. The fiscal impact of SB 1703 includes two components -- $63 million is the cost of the existing Early Retirement Option, available through 2005, and $187 million is the additional cost for a permanent 34-and-out provision. 00-02-02 S FIRST READING 00-02-02 S REFERRED TO SENATE RULES COMMITTEE RULES 00-02-09 S ADDED AS A CO-SPONSOR BOWLES 00-02-14 S PENSION NOTE FILED AS INTRODUCED 00-02-14 S COMMITTEE RULES 00-02-24 S ADDED AS A CHIEF CO-SPONSOR NOLAND 01-01-09 S SESSION SINE DIE END OF INQUIRY Full Text Bill Summary