92nd General Assembly
Summary of HB4506
   [ Home ]   [ Back ]   [ Legislation ]
Please enter a bill number.

 Full Text  Bill Status
House Sponsors:

Senate Sponsors:

Short description: 

Synopsis of Bill as introduced:
        Amends the Illinois Pension Code.  Makes technical changes  in  a      
   Section concerning Chicago teachers.                                        
          PENSION NOTE (Illinois Pension Laws Commission)                      
          House Bill 4506 has no fiscal impact.                                
          FISCAL NOTE, H-AM 2                                                  
          (Public School Teachers' Pension & Retirement Fund of Chicago)       
          Costs associated with the provisions of H-am 2 to HB 4506            
          would be minimal.                                                    
          PENSION NOTE, H-AM 2 (Illinois Pension Laws Commission)              
          According to the Fund's actuary, only one provision of HB 4506,      
          as amended by H-am 2, would have a fiscal impact. That fiscal        
          impact cannot be determined, as the amount of service credit         
          for leaves of absence that would be purchased is unknown. But,       
          there would be a cost to the Fund, as the contributions requir-      
          quired would not cover the full cost of the service credit.          
        HOUSE AMENDMENT NO. 2.                                                 
          Deletes reference to:                                                
          40 ILCS 5/17-101                from Ch. 108 1/2, par. 17-101        
          Adds reference to:                                                   
          40 ILCS 5/17-106                from Ch. 108 1/2, par. 17-106        
          40 ILCS 5/17-119.1                                                   
          40 ILCS 5/17-121                from Ch. 108 1/2, par. 17-121        
          40 ILCS 5/17-134                from Ch. 108 1/2, par. 17-134        
          40 ILCS 5/17-149                from Ch. 108 1/2, par. 17-149        
          30 ILCS 805/8.26 new                                                 
        Deletes everything.  Amends the Chicago Teacher  Article  of  the      
   Illinois  Pension  Code.  Removes the 150-day limitation on the period      
   of temporary  employment  that  a  retired  teacher  is  permitted  to      
   undertake  without  loss  of  retirement benefits.  Eliminates certain      
   restrictions on the types of leave of absence for which credit may  be      
   established.   Increases the maximum total leave from 12 to 36 months.      
   Provides that a member who elects to receive an optional  increase  in      
   retirement annuity may make the required contributions in installments      
   over  a  24-month  period  regardless  of  when  the member becomes an      
   annuitant (currently the member must become an annuitant  before  June      
   30,   2003).   With  respect  to eligibility for a survivor's pension,      
   provides that a surviving spouse must be married to the teacher for at      
   least one year immediately prior  to  the  teacher's  death,  but  not      
   necessarily  at  the time of retirement or withdrawal.  Provides that,      
   beginning January 1, 2003, remarriage at any age by a surviving spouse      
   does not terminate his or her survivor's pension.  Allows a  surviving      
   spouse whose survivor's pension or expectation of a survivor's pension      
   was terminated due to remarriage to reestablish the survivor's pension      
   upon  repayment  of any refund of contributions for survivor's refund,      
   plus  interest.   Amends   the   State   Mandates   Act   to   require      
   implementation without reimbursement.  Effective immediately.               
Last action on Bill: SESSION SINE DIE

   Last action date: JAN-07-2003

           Location: House

 Amendments to Bill: AMENDMENTS ADOPTED: HOUSE -   1     SENATE -   0


 Full Text  Bill Status