Illinois General Assembly - Bill Status for HB3217

Home

Legislation & Laws

Senate

House

My Legislation

Site Map

Previous General Assemblies

Bill Status of HB3217 93rd General Assembly

Full Text Votes Witness Slips View All Actions Printer-Friendly Version

Short Description: PENCD-ART 17-EARLY RETIREMENT

House Sponsors
Rep. Michael K. Smith

Last Action

Date	Chamber	Action
1/11/2005	House	Session Sine Die

Statutes Amended In Order of Appearance

40 ILCS 5/17-116.1

from Ch. 108 1/2, par. 17-116.1

30 ILCS 805/8.27 new

Synopsis As Introduced
Amends the Chicago Teachers Article of the Illinois Pension Code. Provides that a member who retires after June 1, 2004 and before June 30, 2009 and within 6 months of the last day of teaching for which contributions were required may make a one time contribution to the system and thereby avoid early retirement reduction in allowance. Provides that an election by a member to make such a contribution obligates the last Employer to make a one time contribution to the Fund. Amends the State Mandates Act to require implementation without reimbursement. Effective immediately.

	Pension Note (Pension Laws Commission)
	HB 3217 would increase the accrued liability of the Fund by $111.7 million, assuming 80% of all eligible members make use of the ERO option. The corresponding increase in total annual cost has not been calculated.

Actions

Date	Chamber	Action
2/27/2003	House	Filed with the Clerk by Rep. Michael K. Smith
2/27/2003	House	First Reading
2/27/2003	House	Referred to Rules Committee
2/28/2003	House	Assigned to Executive Committee
3/11/2003	House	Pension Note Filed
3/13/2003	House	Rule 19(a) / Re-referred to Rules Committee
1/11/2005	House	Session Sine Die

×