92nd General Assembly
Summary of SB0513
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Senate Sponsors:
CULLERTON.

Short description: 
PEN CD-CHGO TCHR-4% ANNUAL INC                                             

Synopsis of Bill as introduced:
        Amends the Chicago Teachers Article of the Illinois Pension  Code      
   to  increase the rate of automatic annual increase in pensions from 3%      
   to 4%.  Amends  the  State  Mandates  Act  to  require  implementation      
   without reimbursement.  Effective immediately.                              
          PENSION NOTE (Pension Laws Commission)                               
          The increase in accrued liability is estimated to be $724.4          
          million. The increase in total annual cost is estimated to be        
          $57.3 million, or 3.77% of payroll. The total annual cost would      
          increase commensurate with 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 



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