MOLARO. 40 ILCS 5/17-116 from Ch. 108 1/2, par. 17-116 30 ILCS 805/8.25 new Amends the Chicago Teachers Article of the Illinois Pension Code. Raises the maximum allowable service retirement pension from 75% to 80% of average salary. Amends the State Mandates Act to require implementation without reimbursement. Effective immediately. PENSION NOTE (Pension Laws Commission) According to an estimate prepared by th Fund's actuary (based on the 1999 actuarial valuation), SB 674 would increase the accrued liability of the Fund by $143.9 million. The corres- ponding increase in total annual cost would be $12.7 million or 0.83% of payroll. 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-06-2001 S TO SUBCOMMITTEE MAR-12-2001 S PENSION NOTE FILED AS INTRODUCED MAR-12-2001 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 END OF INQUIRY Full Text Bill Summary