92nd General Assembly
Summary of SB0511
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Senate Sponsors:

Short description: 
PEN CD-DNST TCH-34 YRS ANY AGE                                             

Synopsis of Bill as introduced:
        Amends the Downstate Teacher Article of the Illinois Pension Code      
   to allow retirement at any age with 34 years  of  service.   Effective      
          PENSION NOTE (Pension Laws Commission)                               
          The System's actuary estimates SB 511 would increase the             
          accrued liability of TRS by $250 million. However, it should         
          be noted that the fiscal impact of SB 511 includes two compon-       
          ents - $63 million is the cost of the existing Early Retirement      
          Option (ERO), available through 2005, and $187 million is the        
          additional cost for a permanent 34-and-out provision.                
Last action on Bill: SESSION SINE DIE

   Last action date: JAN-07-2003

           Location: Senate

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


 Full Text  Bill Status