Senate Sponsors: PARKER-MADIGAN,R-DEMUZIO-RADOGNO-MOLARO, BOMKE, O'MALLEY, SULLIVAN, SIEBEN, GEO-KARIS, CLAYBORNE AND JACOBS. House Sponsors: MURPHY-JONES,JOHN-BOST-MEYER-SMITH,MICHAEL Short description: PEN CD-DNST TCHR-EARLY RETMT Synopsis of Bill as introduced: Amends the Downstate Teacher Article of the Pension Code. Reduces the contribution required for certain persons to receive the augmented 2.2% retirement annuity rate. Changes the provision establishing the 2.3% unaugmented rate for certain persons having at least 30 years of service, to bring the provision into conformance with constitutional nonimpairment requirements. Extends the early retirement without discount option to 2005 and makes changes relating to the employer contribution under that option. Effective immediately. PENSION NOTE (Pension Laws Commission) Accrued liabilities of TRS would increase by $8 to $12 million and would result in annual costs to the State as follows: FY2000 Statutory phase-in $0.9 million Unramped phase-in $7.6 million FY2010 Statutory phase-in $14.2 million Unramped phase-in $11.3 million HOUSE AMENDMENT NO. 1. Adds reference to: 40 ILCS 5/17-116.1 from Ch. 108 1/2, par. 17-116.1 40 ILCS 5/17-119.1 30 ILCS 805/8.23 new Amends the Chicago Teacher Article of the Pension Code. Reduces the contribution required for certain persons to receive the augmented 2.2% retirement annuity rate. Extends the early retirement without discount option to 2005, subject to approval by the employer, and makes changes relating to the employee and employer contributions under that option. Amends the State Mandates Act to require implementation without reimbursement. Last action on Bill: PUBLIC ACT.............................. 91-0017 Last action date: 99-06-04 Location: Senate Amendments to Bill: AMENDMENTS ADOPTED: HOUSE - 1 SENATE - 0 END OF INQUIRY Full Text Bill Status