91st General Assembly
Summary of HB4195
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House Sponsors:

Short description: 
PEN CD-CHGO TEACHER OMNIBUS                                                

Synopsis of Bill as introduced:
        Amends the Chicago Teacher Article of the Illinois  Pension  Code      
   to   make   numerous  changes  affecting  eligibility,  benefits,  and      
   administration of benefits.  Amends the State Mandates Act to  require      
   implementation without reimbursement.  Effective immediately.               
          PENSION NOTE (Pension Laws Commission)                               
          Additional Benefits for Certain ERI Participants: The increase       
          in accrued liability would be $67.2 million, and the increase        
          in total annual cost would be $3.3 million (0.23% of payroll).       
          Upgrade Certain Service: The increase in the present value of        
          future employer contributions is estimated to be $36.7 million,      
          and the increase in total annual cost is estimated to be 0.13%       
          of payroll.                                                          
          Increase Limit on Health Insurance Reimbursements: There will        
          be an indirect cost to the Fund, as the increased amount paid        
          as reimbursement for health insurance costs will no longer be        
          available for reinvestment by the Fund. Therefore, the poten-        
          tial for slightly lower investment earnings in future years          
Last action on Bill: SESSION SINE DIE

   Last action date: 01-01-09

           Location: House

 Amendments to Bill: AMENDMENTS ADOPTED: HOUSE -   0     SENATE -   0


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