91st General Assembly Summary of HB0348    [ Home ]   [ Back ]   [ Legislation ]

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House Sponsors:
MURPHY.

Short description: 
PEN CD-CHGO TCHR-ANNUAL INCR                                               

Synopsis of Bill as introduced:
        Amends the Chicago Teacher Article of the Illinois Pension Code.       
   Calculates  the  pro  rata  portion  of the initial annual increase in      
   retirement  pension  from  attainment  of  age  55  (or  the  date  of      
   retirement) rather than from attainment of age 61.  Amends  the  State      
   Mandates   Act   to   require  implementation  without  reimbursement.      
   Effective immediately.                                                      
          PENSION NOTE (Pension Laws Commission)                               
          Increase in accrued liability                    $126.3 million      
          Increase in total annual cost (0.67% of payroll)   $9.7 million      
 
Last action on Bill: SESSION SINE DIE

   Last action date: 01-01-09

           Location: House

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


   END OF INQUIRY 


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