92nd General Assembly
Summary of HB0615
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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