92nd General Assembly Summary of SB0144    [ Home ]   [ Back ]   [ Legislation ]

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Senate Sponsors:
CULLERTON.

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

Synopsis of Bill as introduced:
        Amends the Chicago Teachers Article of the Illinois 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 NOTE (Pension Laws Commission)                               
          Based on the 2000 actuarial valuation, the increase in accrued       
          liability is estimated to be $724.4 million. The increase in         
          total annual cost is estimated to be $57.3 million, or 3.77%         
          of payroll. The total annual cost would increase commensurate        
          with payroll.                                                        
 
Last action on Bill: SESSION SINE DIE

   Last action date: JAN-07-2003

           Location: Senate

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


   END OF INQUIRY 


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