92nd General Assembly
Summary of SB0507
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Senate Sponsors:

Short description: 
PEN CD-CHGO TCHR-RETMT INCR                                                

Synopsis of Bill as introduced:
        Amends the Chicago Teacher Article of the Illinois Pension  Code.      
   Establishes  a  minimum  retirement pension of $1,333.34 per month for      
   teachers with at least 20 years of service credit in the Fund.  Amends      
   the   State   Mandates   Act   to   require   implementation   without      
   reimbursement.  Effective immediately.                                      
          PENSION NOTE (Pension Laws Commission)                               
          SB 507 would increase the accrued liability of the Fund by           
          $98.7 million. The resulting increase in total annual cost           
          is estimated to be $4.9 million, or 0.32% of payroll.                
Last action on Bill: SESSION SINE DIE

   Last action date: JAN-07-2003

           Location: Senate

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


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