40 ILCS 5/17-116.1 from Ch. 108 1/2, par. 17-116.1
30 ILCS 805/8.25 new
Amends the Chicago Teachers Article of the Illinois Pension Code.
Provides that a member who retires after June 1, 2002 and before June
30, 2007 and within 6 months of the last day of teaching for which
contributions were required may make a one-time contribution to the
system and thereby avoid early retirement reduction in allowance.
Provides that an election by a member to make such a contribution
obligates the last employer to make a one-time contribution to the
Fund. Amends the State Mandates Act to require implementation without
reimbursement. Effective immediately.
PENSION NOTE (Pension Laws Commission)
According to the Fund's actuary, HB 1996 would increase the
accrued liability and annual costs of the Fund by a minor
FEB-21-2001 H FILED WITH CLERK
FEB-21-2001 H FIRST READING
FEB-21-2001 H REFERRED TO HOUSE RULES COMMITTEE RULES
FEB-22-2001 H ASSIGNED TO COMMITTEE PERS PENSION
MAR-12-2001 H PENSION NOTE FILED
MAR-12-2001 H COMMITTEE PERS PENSION
MAR-16-2001 H RE-REFERRED TO RULES COMM/RULE 19(A) RULES HRUL
JAN-07-2003 H SESSION SINE DIE
END OF INQUIRY
Full Text Bill Summary