House Sponsors: MADIGAN,MJ. Short description: PEN CD-CHGO TEACHER OMNIBUS Synopsis of Bill as introduced: Amends the Chicago Teacher Article of the Illinois Pension Code to make numerous changes affecting eligibility, benefits, and administration of benefits. Amends the State Mandates Act to require implementation without reimbursement. Effective immediately. PENSION NOTE (Pension Laws Commission) Additional Benefits for Certain ERI Participants: The increase in accrued liability would be $67.2 million, and the increase in total annual cost would be $3.3 million (0.23% of payroll). Upgrade Certain Service: The increase in the present value of future employer contributions is estimated to be $36.7 million, and the increase in total annual cost is estimated to be 0.13% of payroll. Increase Limit on Health Insurance Reimbursements: There will be an indirect cost to the Fund, as the increased amount paid as reimbursement for health insurance costs will no longer be available for reinvestment by the Fund. Therefore, the poten- tial for slightly lower investment earnings in future years exists. 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