92nd General Assembly Summary of HB2212    [ Home ]   [ Back ]   [ Legislation ]

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House Sponsors:
MURPHY.

Short description: 
PEN CD-INTEREST ON REFND                                                   

Synopsis of Bill as introduced:
        Amends the Chicago Teachers Article of the Illinois Pension Code.      
   Provides that refunds of certain contributions shall include  interest      
   thereon  at  the  rate of 5% per year, compounded annually. Amends the      
   State Mandates Act to require  implementation  without  reimbursement.      
   Effective immediately.                                                      
          PENSION NOTE (Pension Laws Commission)                               
          According to the Fund's actuary, HB 2212 would increase the          
          accrued liability of the Fund by $14.8 million. The resulting        
          increase in total annual cost is estimated to be $2.4 million,       
          or 0.16% of 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


   END OF INQUIRY 


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