Senate Sponsors: MOLARO. Short description: PEN CD-CHGO TCHR-SALARY Synopsis of Bill as introduced: Amends the Chicago Teacher Article of the Pension Code. Provides that salary received on or after July 1, 1999 for overtime, summer school, and other optional service shall be included in the calculation of salary for pension purposes. Amends the State Mandates Act to require implementation without reimbursement. Effective immediately. PENSION NOTE (Pension Laws Commission) According to an analysis prepared by the Fund's actuary (based on the 1999 actuarial valuation), SB 675 would increase a member's final average salary for pension purposes by 2.5%. The resulting increase in accrued liability is estimated to be $112.3 million. The increase in total annual cost is estimated to be $11.7 million, or 0.77% 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 END OF INQUIRY Full Text Bill Status