House Sponsors: KOSEL-BOST-MCKEON-PANKAU-PERSICO AND BASSI. Short description: PEN CD-TEACHERS-PEACE CORPS Synopsis of Bill as introduced: 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. Last action on Bill: SESSION SINE DIE Last action date: JAN-07-2003 Location: House Amendments to Bill: AMENDMENTS ADOPTED: HOUSE - 0 SENATE - 0 END OF INQUIRY Full Text Bill Status