House Sponsors: JONES,SHIRLEY-CURRIE-MURPHY AND GILES. Senate Sponsors: MOLARO Short description: PENSIONS-TECH 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 END OF INQUIRY Full Text Bill Status