90th General Assembly
Summary of HB3568
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House Sponsors:
SAVIANO, LYONS,JOSEPH AND BRADLEY.

Short description: 
PEN CD-CHGO TCHR-4% ANNUAL INC                                             

Synopsis of Bill as introduced:
        Amends the Chicago  Teachers  Article  of  the  Pension  Code  to      
   increase  the rate of automatic annual increase in pensions from 3% to      
   4%.  Amends the State Mandates Act to require  implementation  without      
   reimbursement.  Effective immediately.                                      
          PENSION NOTE (Pension Laws Commission)                               
          The increase in accrued liability is estimated to be $607.5          
          million. The increase in total annual cost is estimated to be        
          $46.8 million, or 3.43% of payroll. The total annual cost would      
          increase commensurate with payroll.                                  
 
Last action on Bill: SESSION SINE DIE

   Last action date: 99-01-12

           Location: House

 Amendments to Bill: AMENDMENTS ADOPTED: HOUSE -   0     SENATE -   0


   END OF INQUIRY 



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