KOSEL-BOST-MCKEON-PANKAU-PERSICO AND BASSI. 40 ILCS 5/16-127 from Ch. 108 1/2, par. 16-127 40 ILCS 5/16-128 from Ch. 108 1/2, par. 16-128 40 ILCS 5/17-134 from Ch. 108 1/2, par. 17-134 30 ILCS 805/8.25 new Amends the Downstate and Chicago Teacher Articles of the Illinois Pension Code. Allows service credit for time spent in the Peace Corps or AmeriCorps (VISTA). Requires payment of both employee and employer contributions, plus interest. Amends the State Mandates Act to require implementation without reimbursement. Effective immediately. PENSION NOTE (Pension Laws Commission) The total fiscal impact of HB 615 cannot be determined, as the amount of credit that would be purchased is unknown. However, the amount paid to purchase the service credit may not equal the total cost of establishing the additional service credit. Employees are required to make the employee and employer con- tributions, plus interest. Members of TRS are required to pay 6% interest compounded annually while members of CTRS are re- quired to pay 5% interest compounded annually. Both interest rates are lower than the actuarial rate of return assumed by the Systems, which is 8.5% for TRS and 8.0% for CTRS. FEB-06-2001 H FILED WITH CLERK FEB-06-2001 H ADDED AS A JOINT SPONSOR BOST FEB-06-2001 H FIRST READING FEB-06-2001 H REFERRED TO HOUSE RULES COMMITTEE RULES FEB-07-2001 H ASSIGNED TO COMMITTEE PERS PENSION FEB-16-2001 H ADDED AS A JOINT SPONSOR MCKEON FEB-16-2001 H ADDED AS A JOINT SPONSOR PANKAU FEB-16-2001 H ADDED AS A JOINT SPONSOR PERSICO FEB-16-2001 H ADDED AS A CO-SPONSOR BASSI MAR-12-2001 H PENSION NOTE FILED MAR-12-2001 H COMMITTEE PERS PENSION MAR-16-2001 H RE-REFERRED TO RULES COMM/RULE 19(A) RULES HRUL JAN-07-2003 H SESSION SINE DIE END OF INQUIRY Full Text Bill Summary