92nd General Assembly
Status of HB1739
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 Full Text  Bill Summary

   40 ILCS 5/16-132          from Ch. 108 1/2, par. 16-132                     
   40 ILCS 5/16-133          from Ch. 108 1/2, par. 16-133                     
   40 ILCS 5/17-116          from Ch. 108 1/2, par. 17-116                     
   40 ILCS 5/17-119          from Ch. 108 1/2, par. 17-119                     
   30 ILCS 805/8.25 new                                                        

        Amends the Downstate and Chicago Teacher Articles of the Illinois      
   Pension Code.  Allows retirement without discount at  any  age  which,      
   when  added  to  the  number of years of the member's total creditable      
   service, equals at least 85.  In the Chicago  Teacher  Article,  makes      
   the initial annual increase in retirement annuity begin to accrue from      
   the  date  of  retirement  rather  than the 61st birthday.  Amends the      
   State Mandates Act to require  implementation  without  reimbursement.      
   Effective immediately.                                                      
          PENSION NOTE (Pension Laws Commission)                               
          According to TRS, HB 1739 would increase the accrued liability       
          of TRS by an estimated $1.0 billion. The estimated increase in       
          FY 2002 total annual costs is $2.5 million, or 0.10% of pay-         
          roll. From 2010 through 2045, it is estimated the required           
          employer contribution would increase from 17.20% to 19.48%, or       
          2.28% of payroll. This percentage of payroll amounts to              
          increased employer contributions of $193.9 million in FY 2010,       
          and will grow commensurate with payroll. According to the            
          Commission's actuary, HB 1739 would increase the accrued lia-        
          bility of CTRS by $117.9 million, and the annual cost by 0.66%       
          of payroll. As the employer (the Chicago Board of Education) is      
          not required to contribute to the Fund when the funded ratio is      
          above 90%, no additional employer contributions would be re-         
          quired for several years. The Chicago Teachers' Pension Fund         
          currently has a funded ratio of 96.7%, and the ratio is expec-       
          ted to stay above 90% until FY 2018.                                 
   FEB-15-2001  H  FILED WITH CLERK                                               
   FEB-15-2001  H  FIRST READING                                                  
   FEB-15-2001  H  REFERRED TO HOUSE RULES COMMITTEE        RULES                 
   FEB-21-2001  H       ASSIGNED TO COMMITTEE               PERS PENSION          
   MAR-16-2001  H  RE-REFERRED TO RULES COMM/RULE 19(A)     RULES         HRUL    
   MAR-30-2001  H                        PENSION NOTE FILED                       
   MAR-30-2001  H                   COMMITTEE               RULES                 
   JAN-07-2003  H  SESSION SINE DIE                                               


 Full Text  Bill Summary