Synopsis As Introduced Amends the Chicago Teacher Article of the Illinois Pension Code. Allows a member to establish credit for up to 2 years of service as a teacher or administrator employed by a private school registered with or recognized by the Illinois State Board of Education, provided that the teacher (i) was certified under the law governing the certification of teachers at the time the service was rendered, (ii) applies in writing no later than 2 years after the effective date of the amendatory Act, (iii) supplies satisfactory evidence of the employment, (iv) completes at least 10 years of contributing service as a teacher, (v) pays the required contribution required, and (vi) does not receive credit for that service under any other provision of the Code. Amends the State Mandates Act to require implementation without reimbursement by the State. Effective immediately.
Senate Committee Amendment No. 1 Provides that for each year of service credit established, a member is required to contribute to the System (i) the employee and employer contribution that would have been required had such service been rendered as a member based on the annual salary rate (instead of 16.5% of the annual salary rate) during the first year of full-time employment as a teacher under the Article following the private school service, plus (ii) interest thereon at the actuarially assumed rate (instead of interest thereon) from the date of first full-time employment as a teacher under the Article following the private school service to the date of payment, compounded annually, at a rate determined by the Board (instead of 8% per year).