House Sponsors: SAVIANO. Short description: PENCD-ART 17-EARLY RETIREMENT Synopsis of Bill as introduced: Amends the Chicago Teachers Article of the Illinois Pension Code. Provides that a member who retires after June 1, 2002 and before June 30, 2007 and within 6 months of the last day of teaching for which contributions were required may make a one-time contribution to the system and thereby avoid early retirement reduction in allowance. Provides that an election by a member to make such a contribution obligates the last employer to make a one-time contribution to the Fund. Amends the State Mandates Act to require implementation without reimbursement. Effective immediately. PENSION NOTE (Pension Laws Commission) According to the Fund's actuary, HB 1996 would increase the accrued liability and annual costs of the Fund by a minor amount. 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