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
Amendments to Bill: AMENDMENTS ADOPTED: HOUSE - 0 SENATE - 0
END OF INQUIRY
Full Text Bill Status