Synopsis As Introduced Amends the Downstate Teacher Article of the Illinois Pension Code. Extends the early retirement without discount program through June 30, 2010. Reduces the employee contribution for certain participants in that program. Effective immediately.
Pension Note (Pension Laws Commission)
TRS estimates that provisions of HB 1247 will increase the accrued liability of the System by $505.6 million. The increase in annual cost has not been calculated but is expected to be substantial.