91st General Assembly
Summary of HB1192
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House Sponsors:
O'BRIEN.

Short description: 
PEN CD-DNST TCHR-EARLY RETMT                                               

Synopsis of Bill as introduced:
        Amends the Downstate Teacher Article of the Illinois Pension           
   Code. Reduces the contribution required for certain persons to receive      
   the augmented 2.2% retirement annuity rate. Changes the provision           
   establishing the 2.3% unaugmented rate for certain persons having at        
   least  30  years  of  service, to bring the provision into conformance      
   with constitutional nonimpairment requirements.    Extends  the  early      
   retirement  without discount option to 2005 and makes changes relating      
   to  the  employer  contribution  under   that   option.      Effective      
   immediately.                                                                
          PENSION NOTE (Pension Laws Commission)                               
          Reducing the upgrade cost would increase TRS accrued liability       
          by $8 to $12 million; increase in contributions would be very        
          small. Extending the early retirement option would not increase      
          accrued liabilities, but would cause annual State costs:             
          FY2000                                                               
           Statutory Phase-in                               $ 0.9 million      
           Unramped Phase-in                                $ 7.6 million      
          FY2010                                                               
           Statutory Phase-in                               $14.2 million      
           Unramped Phase-in                                $11.3 million      
 
Last action on Bill: SESSION SINE DIE

   Last action date: 01-01-09

           Location: House

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


   END OF INQUIRY 



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