92nd General Assembly
Summary of SB1632
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Senate Sponsors:
CULLERTON.

Short description: 
PEN CD-CHGO TCHR-RETMT-10 YRS                                              

Synopsis of Bill as introduced:
        Amends the Chicago Teacher Article of the Illinois Pension  Code.      
   Provides  that  a  teacher  may receive a retirement pension at age 60      
   with 10 years of service.  Amends the State Mandates  Act  to  require      
   implementation without reimbursement.  Effective immediately.               
          PENSION NOTE (Pension Laws Commission)                               
          Based on the 1999 actuarial valuation, SB 1632 would increase        
          the accrued liability of the Fund by $26.3 million. The corres-      
          ponding increase in total annual cost would be $4.1 million,         
          or 0.27% 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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