House Sponsors: SAVIANO. Short description: PENCD-ART 17-OPTIONAL INCREASE Synopsis of Bill as introduced: Amends the Chicago Teachers Article of the Illinois Pension Code. Provides that a member who elects to receive an optional increase in retirement annuity may make the required contributions in installments over a 24-month period regardless of when the member becomes an annuitant (currently the member must become an annuitant before June 30, 2003). Amends the State Mandates Act to require implementation without reimbursement. Effective immediately. PENSION NOTE (Illinois Pension Laws Commission) According to the Fund's actuary, the fiscal impact of HB 3707 is estimated to be minor. Last action on Bill: SESSION SINE DIE Last action date: JAN-07-2003 Location: House Amendments to Bill: AMENDMENTS ADOPTED: HOUSE - 0 SENATE - 0 END OF INQUIRY Full Text Bill Status