92nd General Assembly
Summary of HB2662
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Short description: 

Synopsis of Bill as introduced:
        Amends the Illinois Pension Code.  Makes a technical change in  a      
   Section concerning Chicago teachers.                                        
          PENSION NOTE (Pension Laws Commission)                               
          House Bill 2662 has no fiscal impact.                                
        HOUSE AMENDMENT NO. 4.                                                 
          Deletes reference to:                                                
          40 ILCS 5/17-101                                                     
          Adds reference to:                                                   
          40 ILCS 5/17-106                from Ch. 108 1/2, par. 17-106        
          40 ILCS 5/17-116.3                                                   
          40 ILCS 5/17-116.4                                                   
          40 ILCS 5/17-119.1                                                   
          40 ILCS 5/17-121                from Ch. 108 1/2, par. 17-121        
          40 ILCS 5/17-149                from Ch. 108 1/2, par. 17-149        
          30 ILCS 805/8.25 new                                                 
        Deletes everything.  Amends the Chicago Teacher  Article  of  the      
   Illinois  Pension  Code.    Grants  additional benefits to persons who      
   began receiving  early  retirement  benefits  in  1993.   Requires  no      
   additional   contribution.   Provides  for  recalculation  of  current      
   annuities.  Provides that a person who retires on  or  after  July  1,      
   1998  with  at  least  30 years of service at retirement may have that      
   service converted to the augmented rate without paying any  additional      
   contribution.    Allows  a person who began receiving early retirement      
   benefits in 1994 to purchase additional service credit  for  up  to  3      
   weeks  in  1968 during which the person was prevented from working due      
   to civil unrest.  Requires an additional employee contribution.  Makes      
   payment of  the  resulting  increase  in  retirement  annuity  payable      
   retroactively  from the date of retirement.  Provides that a surviving      
   spouse of a member or annuitant under the Chicago Teacher Article  who      
   is  also a dependent beneficiary under the provisions of the Downstate      
   Teacher Article is  eligible  for  a  reciprocal  survivor's  pension,      
   provided that any refund of survivor's pension contributions is repaid      
   to  the  Fund  and application is made within 30 days.  Increases from      
   100 days per year to 150 days per year the number of  days  a  teacher      
   may  return  to  work  as a teacher after retirement before his or her      
   pension is cancelled or suspended.  Amends the State Mandates  Act  to      
   require implementation without reimbursement.  Effective immediately.       
Last action on Bill: SESSION SINE DIE

   Last action date: JAN-07-2003

           Location: House

 Amendments to Bill: AMENDMENTS ADOPTED: HOUSE -   1     SENATE -   0


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