92nd General Assembly
Summary of SB0379
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Senate Sponsors:
PARKER.

Short description: 
PEN CD-AUGMENTED RATE-CONTRIB                                              

Synopsis of Bill as introduced:
        Amends the Downstate and Chicago Teacher Articles of the Illinois      
   Pension  Code.   Allows  certain  persons   who   paid   an   optional      
   contribution  in  order  to receive an augmented retirement annuity to      
   have the contribution recalculated  to  reflect  the  changes  to  the      
   retirement  formula that were enacted in Public Act 91-17.  Amends the      
   State Mandates Act to require  implementation  without  reimbursement.      
   Effective immediately.                                                      
          PENSION NOTE (Pension Laws Commission)                               
          SB 379 would not increase the accrued liabilities or annual          
          costs of the Funds. Rather, an undetermined amount of optional       
          contributions to upgrade prior service would be refunded to          
          members of the Fund who retired between May 27, 1998 and June        
          4, 1999.                                                             
 
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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