92nd General Assembly Summary of SB0674    [ Home ]   [ Back ]   [ Legislation ]

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Senate Sponsors:
MOLARO.

Short description: 
PEN CD-ART 17-80% MAXIMUM                                                  

Synopsis of Bill as introduced:
        Amends the Chicago Teachers Article of the Illinois Pension Code.      
   Raises the maximum allowable service retirement pension  from  75%  to      
   80%  of  average  salary.  Amends  the  State  Mandates Act to require      
   implementation without reimbursement. Effective immediately.                
          PENSION NOTE (Pension Laws Commission)                               
          According to an estimate prepared by th Fund's actuary (based        
          on the 1999 actuarial valuation), SB 674 would increase the          
          accrued liability of the Fund by $143.9 million. The corres-         
          ponding increase in total annual cost would be $12.7 million         
          or 0.83% of 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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