REA. 5 ILCS 375/3 from Ch. 127, par. 523 5 ILCS 375/10 from Ch. 127, par. 530 40 ILCS 5/16-129.1 new 40 ILCS 5/16-133 from Ch. 108 1/2, par. 16-133 40 ILCS 5/16-152 from Ch. 108 1/2, par. 16-152 40 ILCS 5/16-158 from Ch. 108 1/2, par. 16-158 Amends the Downstate Teacher Article of the Pension Code. Increases the retirement formula to 2.2% of final average salary for each year of service earned after June 30, 1998. Allows members to elect to have the new rate apply to their existing service, by making an additional contribution. Also raises the rate to 2.3% for certain members who already have 30 years of service. Beginning July 1, 1998, requires school districts and other employers to make an employer contribution to the System. Increases the employee contribution by 0.85% of salary, but provides for a refund of the increase in certain cases. Amends the State Employees Group Insurance Act of 1971. Requires certain retired State employees who participate in the Teachers' Retirement System and have less than 20 years of service (and their survivors) to pay for a portion of the cost of their group insurance. In certain definitions relating to eligibility to participate in the State group insurance program, updates obsolete cross references to certain State employees who participate in the Teachers' Retirement System and adds to those references certain employees of that System. Effective immediately. PENSION NOTE At 85% utilization, increase in unfunded liabilities would be $971.0 M; increase in total annual contributions would be 2.431% of payroll. 98-02-17 S FIRST READING 98-02-17 S REFERRED TO SENATE RULES COMMITTEE RULES 98-03-13 S PENSION NOTE FILED 98-03-13 S COMMITTEE RULES 99-01-12 S SESSION SINE DIE END OF INQUIRY Full Text Bill Summary