90th General Assembly Summary of HB0373    [ Home ]   [ Back ]   [ Legislation ]

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House Sponsors:
LYONS,JOSEPH-CAPPARELLI-BUGIELSKI-FRITCHEY-LOPEZ, LANG AND SAVIANO.

Short description: 
PEN CD-CHGO TCHR-4% ANNUAL INC                                             

Synopsis of Bill as introduced:
        Amends the Chicago  Teachers  Article  of  the  Pension  Code  to      
   increase  the rate of automatic annual increase in pensions from 3% to      
   4%.  Amends the State Mandates Act to require  implementation  without      
   reimbursement.  Effective immediately.                                      
          PENSION IMPACT NOTE                                                  
          HB 355 is based on the August 1995 actuarial valuation:              
           Increase in accrued liability                          $544.2M      
           Increase in total annual cost                          $ 42.1M      
           Increase in total annual cost as a % of payroll          3.60%      
 
Last action on Bill: SESSION SINE DIE

   Last action date: 99-01-12

           Location: House

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


   END OF INQUIRY 


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