92nd General Assembly
Summary of SB1105
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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 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, SB 1105 would increase        
          liability of the Fund by $63.7 million. The corresponding in-        
          crease in total annual cost would be $3.1 million, or 0.21% of       
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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