PENCD-ART 17-EARLY RETIREMENT
Synopsis of Bill as introduced:
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
Last action on Bill: SESSION SINE DIE
Last action date: JAN-07-2003
Amendments to Bill: AMENDMENTS ADOPTED: HOUSE - 0 SENATE - 0
END OF INQUIRY
Full Text Bill Status