91st General Assembly Summary of SB1379    [ Home ]   [ Back ]   [ Legislation ]

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Senate Sponsors:
CULLERTON.

Short description: 
PEN CD-CHGO TCHR-4% ANNUAL INC                                             

Synopsis of Bill as introduced:
        Amends the Chicago  Teachers  Article  of  the  Pension  Code  to      
   increase  the rate of automatic annual increase in pensions from 3% to      
   4%.  Amends the State Mandates Act to require  implementation  without      
   reimbursement.  Effective immediately.                                      
          PENSION NOTE (Pension Laws Commission)                               
          Increase in accrued liability would be $674.1 million and            
          increase in total annual cost would be $53.2 million (3.71%          
          of payroll).                                                         
 
Last action on Bill: SESSION SINE DIE

   Last action date: 01-01-09

           Location: Senate

 Amendments to Bill: AMENDMENTS ADOPTED: HOUSE -   0     SENATE -   0


   END OF INQUIRY 


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