92nd General Assembly
Status of SB0564
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 Full Text  Bill Summary

   40 ILCS 5/16-132          from Ch. 108 1/2, par. 16-132                     
   40 ILCS 5/16-133          from Ch. 108 1/2, par. 16-133                     

        Amends the Downstate Teacher  Article  of  the  Illinois  Pension      
   Code.  Allows retirement at any age with at least 34 years of service.      
   Effective immediately.                                                      
          PENSION NOTE (Pension Laws Commission)                               
          The System's actuary estimates SB 564 would increase the             
          accrued liability of TRS by $250 million. However, it should         
          be noted that the fiscal impact of SB 564 includes two compon-       
          ents - $63 million is the cost of the existing Early Retirement      
          Option (ERO), available through 2005, and $187 million is the        
          additional cost for a permanent 34-and-out provision.                
   FEB-21-2001  S  FIRST READING                                                  
   FEB-21-2001  S  REFERRED TO SENATE RULES COMMITTEE       RULES                 
   FEB-28-2001  S       ASSIGNED TO COMMITTEE               INS & PENS.           
   MAR-01-2001  S                        PENSION NOTE FILED AS INTRODUCED         
   MAR-06-2001  S                                 POSTPONED                       
   MAR-27-2001  S                                 POSTPONED                       
   MAR-27-2001  S                   COMMITTEE               INS & PENS.           
   MAR-31-2001  S  RE-REFERRED TO RULES COMM/RULE 3-9(A)    RULES                 
   JAN-07-2003  S  SESSION SINE DIE                                               


 Full Text  Bill Summary