92nd General Assembly
Summary of SB0675
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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