FRITCHEY-LYONS,JOSEPH-CAPPARELLI-SANTIAGO AND SAVIANO.
PENCD-CHGO TCHR-AVERAGE SALARY
Synopsis of Bill as introduced:
Amends the Chicago Teacher Article of the Pension Code to change
the period used to determine average salary from 4 years to 3 years.
Amends the State Mandates Act to require implementation without
reimbursement. Effective immediately.
PENSION IMPACT NOTE
HB 355 is based on the August 1995 actuarial valuation:
Increase in accrued liability $71.1M
Increase in total annual cost $ 7.8M
Increase in total annual cost as a % of payroll 67%
Last action on Bill: SESSION SINE DIE
Last action date: 99-01-12
Amendments to Bill: AMENDMENTS ADOPTED: HOUSE - 0 SENATE - 0
END OF INQUIRY
Full Text Bill Status