92nd General Assembly Summary of SB0145    [ Home ]   [ Back ]   [ Legislation ]

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Senate Sponsors:
CULLERTON.

Short description: 
PEN CD-CHGO TCHR-AVE SALARY                                                

Synopsis of Bill as introduced:
        Amends the Chicago Teacher Article of the Illinois  Pension  Code      
   to change the period used to determine average salary, from 4 years to      
   3  years.   Amends  the  State  Mandates Act to require implementation      
   without reimbursement.  Effective immediately.                              
          PENSION NOTE (Pension Laws Commission)                               
          Based on the 2000 actuarial valuation, the increase in accrued       
          liability is estimated to be $97.6 million. The increase in          
          total annual cost is estimated to be $10.1 million, or 0.66%         
          of payroll. The total annual cost would increase commensurate        
          with payroll.                                                        
 
Last action on Bill: SESSION SINE DIE

   Last action date: JAN-07-2003

           Location: Senate

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


   END OF INQUIRY 


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