92nd General Assembly
Summary of SB0670
   [ Home ]   [ Back ]   [ Legislation ]
Legislation:  
Please enter a bill number.



 Full Text  Bill Status
Senate Sponsors:
MOLARO.

Short description: 
PEN CD-ART 17-SURVIVOR REFUND                                              

Synopsis of Bill as introduced:
        Amends the Chicago Teachers Article of the Illinois Pension Code.      
   Provides that, upon the retirement of a married teacher, if all of the      
   teacher's eligible survivors predeceased him or her, the total  amount      
   contributed by the teacher or otherwise paid by deductions from salary      
   for  survivor's pension shall be refunded to the teacher together with      
   interest thereon at the rate of 5% per year, compounded annually  from      
   the  date  of retirement to the date of repayment by the Fund.  Amends      
   the   State   Mandates   Act   to   require   implementation   without      
   reimbursement.  Effective immediately.                                      
          PENSION NOTE (Pension Laws Commission)                               
          According to the Fund's actuary, the fiscal impact of SB 670         
          is expected to be small.                                             
 
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