92nd General Assembly
Summary of HB1996
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House Sponsors:

Short description: 
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

           Location: House

 Amendments to Bill: AMENDMENTS ADOPTED: HOUSE -   0     SENATE -   0


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