PEN CD-DNST TCH-34 YRS ANY AGE
Synopsis of Bill as introduced:
Amends the Downstate Teacher Article of the Illinois Pension
Code. Allows retirement at any age with at least 34 years of service.
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.
Last action on Bill: SESSION SINE DIE
Last action date: JAN-07-2003
Amendments to Bill: AMENDMENTS ADOPTED: HOUSE - 0 SENATE - 0
END OF INQUIRY
Full Text Bill Status