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

Statutes Amended In Order of Appearance

40 ILCS 5/16-106

from Ch. 108 1/2, par. 16-106

40 ILCS 5/16-133.2

from Ch. 108 1/2, par. 16-133.2

40 ILCS 5/16-136.4

from Ch. 108 1/2, par. 16-136.4

40 ILCS 5/16-158.1

from Ch. 108 1/2, par. 16-158.1

40 ILCS 5/16-165

from Ch. 108 1/2, par. 16-165

40 ILCS 5/16-203.1 new

30 ILCS 805/8.32 new

Synopsis As Introduced
Amends the Downstate Teacher Article of the Illinois Pension Code. Makes changes in the definition of "teacher". In provisions concerning early retirement without discount, provides that certain employer contributions shall be payable to the System within 30 days after receipt of the bill. Increases the single-sum retirement benefit from 1.67% of the member's final average salary for each year of creditable service to 2.2% of the member's final average salary for each year of creditable service. Provides that the System may charge interest at a rate equal to the System's annual actuarially assumed rate of return on investment compounded annually from the 91st day after a school district receives a bill for contributions required of it under the Article or contributions required of teachers. In provisions concerning vacancies on the Board of Trustees, provides that if the Board's secretary determines there is inadequate time to hold a special election so as to allow the newly elected trustee to participate in at least one regularly scheduled Board meeting, then no special election shall be held and the vacancy shall remain until the next regular election. Amends the State Mandates Act to require implementation without reimbursement. Includes new benefit increase language. Effective immediately.

Pension Note (Government Forecasting & Accountability)

The exact fiscal impact of HB 5643 cannot be determined as the number of employees who will elect the single sum retirement benefit cannot be calculated. However, if the 32% increase in the single sum retirement benefit amount had been in effect for FY 2007, the total system payout for single sum retirement benefits would have increased by $349,000. HB 5643 would, therefore, slightly increase the unfunded liabilities of the Teachers' Retirement System and slightly lower its funded ratio.

Actions 

Date	Chamber	Action
2/15/2008	House	Filed with the Clerk by Rep. Frank J. Mautino
2/15/2008	House	First Reading
2/15/2008	House	Referred to Rules Committee
2/25/2008	House	Assigned to Personnel and Pensions Committee
3/10/2008	House	Pension Note Filed
3/14/2008	House	Rule 19(a) / Re-referred to Rules Committee
1/13/2009	House	Session Sine Die

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