Synopsis As Introduced Amends the Downstate Teachers Article of the Illinois Pension Code. Extends the deadline for application for early retirement without discount from June 30, 2005 to June 30, 2010; also reduces the required contribution for some members. Amends the State Mandates Act to require implementation without reimbursement. Effective immediately.
Pension Note (Pension Laws Commission)
TRS estimates that the provisions of SB 193 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.