Date	Chamber	Action
1/13/2009	House	Session Sine Die

Statutes Amended In Order of Appearance

40 ILCS 5/17-119

from Ch. 108 1/2, par. 17-119

40 ILCS 5/17-119.2 new

40 ILCS 5/17-122

from Ch. 108 1/2, par. 17-122

30 ILCS 805/8.31 new

Synopsis As Introduced
Amends the Chicago Teacher Article of the Illinois Pension Code. Provides for a one-time increase in certain retirement and survivor's annuities. Declares it to be the public policy of this State and the intention of the General Assembly to protect annuitants against significant decreases in the purchasing power of retirement and survivor's annuities. Directs the retirement system to review and report on significant changes in purchasing power. Amends the State Mandates Act to require implementation without reimbursement. Effective immediately.

Pension Note (Government Forecasting & Accountability)

An analysis prepared by the Fund’s actuary estimates that HB 602 would increase the accrued liabilities by $18.9 million. The annual amount required to pay off the increase over 40 years as a level percent of payroll is estimated to be $932,000, or 0.05% of payroll. The annual cost would grow at the same rate as payroll. As HB 602 only affects current retirees, it would not increase the annual normal cost of the Fund.

Actions 

Date	Chamber	Action
2/2/2007	House	Filed with the Clerk by Rep. Angelo Saviano
2/5/2007	House	First Reading
2/5/2007	House	Referred to Rules Committee
2/7/2007	House	Assigned to Personnel and Pensions Committee
2/15/2007	House	Pension Note Filed
2/27/2007	House	Re-assigned to Executive Committee
3/23/2007	House	Rule 19(a) / Re-referred to Rules Committee
1/13/2009	House	Session Sine Die

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