JONES,SHIRLEY-CURRIE-MURPHY AND GILES.
Synopsis of Bill as introduced:
Amends the Illinois Pension Code. Makes technical changes in a
Section concerning Chicago teachers.
PENSION NOTE (Illinois Pension Laws Commission)
House Bill 4506 has no fiscal impact.
FISCAL NOTE, H-AM 2
(Public School Teachers' Pension & Retirement Fund of Chicago)
Costs associated with the provisions of H-am 2 to HB 4506
would be minimal.
PENSION NOTE, H-AM 2 (Illinois Pension Laws Commission)
According to the Fund's actuary, only one provision of HB 4506,
as amended by H-am 2, would have a fiscal impact. That fiscal
impact cannot be determined, as the amount of service credit
for leaves of absence that would be purchased is unknown. But,
there would be a cost to the Fund, as the contributions requir-
quired would not cover the full cost of the service credit.
HOUSE AMENDMENT NO. 2.
Deletes reference to:
40 ILCS 5/17-101 from Ch. 108 1/2, par. 17-101
Adds reference to:
40 ILCS 5/17-106 from Ch. 108 1/2, par. 17-106
40 ILCS 5/17-119.1
40 ILCS 5/17-121 from Ch. 108 1/2, par. 17-121
40 ILCS 5/17-134 from Ch. 108 1/2, par. 17-134
40 ILCS 5/17-149 from Ch. 108 1/2, par. 17-149
30 ILCS 805/8.26 new
Deletes everything. Amends the Chicago Teacher Article of the
Illinois Pension Code. Removes the 150-day limitation on the period
of temporary employment that a retired teacher is permitted to
undertake without loss of retirement benefits. Eliminates certain
restrictions on the types of leave of absence for which credit may be
established. Increases the maximum total leave from 12 to 36 months.
Provides that a member who elects to receive an optional increase in
retirement annuity may make the required contributions in installments
over a 24-month period regardless of when the member becomes an
annuitant (currently the member must become an annuitant before June
30, 2003). With respect to eligibility for a survivor's pension,
provides that a surviving spouse must be married to the teacher for at
least one year immediately prior to the teacher's death, but not
necessarily at the time of retirement or withdrawal. Provides that,
beginning January 1, 2003, remarriage at any age by a surviving spouse
does not terminate his or her survivor's pension. Allows a surviving
spouse whose survivor's pension or expectation of a survivor's pension
was terminated due to remarriage to reestablish the survivor's pension
upon repayment of any refund of contributions for survivor's refund,
plus interest. 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
Amendments to Bill: AMENDMENTS ADOPTED: HOUSE - 1 SENATE - 0
END OF INQUIRY
Full Text Bill Status