Senate Sponsors: CULLERTON. Short description: PEN CD-CHGO TCHR-4% ANNUAL INC Synopsis of Bill as introduced: Amends the Chicago Teachers Article of the Illinois Pension Code to increase the rate of automatic annual increase in pensions from 3% to 4%. Amends the State Mandates Act to require implementation without reimbursement. Effective immediately. PENSION NOTE (Pension Laws Commission) The increase in accrued liability is estimated to be $724.4 million. The increase in total annual cost is estimated to be $57.3 million, or 3.77% of payroll. The total annual cost would increase commensurate with 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 END OF INQUIRY Full Text Bill Status