92nd General Assembly
Summary of HB1997
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House Sponsors:

Short description: 
PENCD-ART 17-MIN SURVIVOR PEN                                              

Synopsis of Bill as introduced:
        Amends the Chicago Teachers Article of the Illinois Pension Code.      
   Provides that, beginning January 1, 2002, the  minimum  survivor's  or      
   child's  pension  shall  be  at  least $400 per month.  Provides that,      
   beginning January 1, 2002, the minimum total survivor's and children's      
   pension payable upon the death of  a  contributor  or  annuitant  that      
   occurred  before January 1, 1987 shall be 50% of the earned retirement      
   pension of that contributor or annuitant.  Amends the  State  Mandates      
   Act   to  require  implementation  without  reimbursement.   Effective      
          PENSION NOTE (Pension Laws Commission)                               
          According to an analysis prepared by the Fund's actuary,             
          HB 1997 would increase the accrued liability of the Fund by an       
          estimated $5.6 million. The increase in total annual cost is         
          estimated to be $276,000, or 0.02% of payroll. The total annual      
          cost will grow commensurate with the payroll.                        
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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