92nd General Assembly
Summary of SB0612
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Senate Sponsors:

Short description: 
PEN CD-CHGO TEACHR-EARLY RETMT                                             

Synopsis of Bill as introduced:
        Amends the Chicago Teacher Article of the Illinois  Pension  Code      
   to  grant  additional  benefits  to  persons who began receiving early      
   retirement benefits in 1993.   Requires  no  additional  contribution.      
   Provides  for  recalculation  of  current annuities.  Amends the State      
   Mandates  Act  to  require   implementation   without   reimbursement.      
   Effective immediately.                                                      
          PENSION NOTE (Pension Laws Commission)                               
          Based on the 1999 actuarial valuation, SB612 would increase the      
          accrued liability of the Fund by $63.7 million, the correspond-      
          ing increase in total annual cost would be $3.1 million, or          
          0.21% 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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