House Sponsors: HOLBROOK. 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 Full Text Bill Status