Bill Status of HB4275 95th General Assembly
Short Description: PENCD-CHGO TCHR-REFUND-AUGMENT
Rep. Robert S. Molaro
| 1/13/2009||House||Session Sine Die|
Statutes Amended In Order of Appearance
Synopsis As Introduced
Amends the Chicago Teacher Article of the Illinois Pension Code. Provides that the service retirement pension for a teacher who retires on or after the effective date of this amendatory Act shall be 2.4% (now 2.2%) of average salary for each year of creditable service. Eliminates the required contribution for converting past service to the augmented retirement formula, and provides for a refund of such contributions already paid. Also provides for recalculation of the pension and a lump sum payment of the difference between the augmented and unaugmented rates for certain pensioners. Amends the State Mandates Act to require implementation without reimbursement. Effective immediately.