92nd General Assembly
Summary of SB0515
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Senate Sponsors:
CULLERTON.

Short description: 
PEN CD-CHGO TCHR-AVE SALARY                                                

Synopsis of Bill as introduced:
        Amends the Chicago Teacher Article of the Illinois  Pension  Code      
   to  change  the  period  used  to  determine  average salary, from the      
   highest 4 consecutive years to the highest 3  years  (not  necessarily      
   consecutive).  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 $97.6           
          million. The increase in total annual cost is estimated to be        
          $10.1 million, or 0.66% 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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