Senate Sponsors: MADIGAN,R. Short description: 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. Effective immediately. 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 Location: Senate Amendments to Bill: AMENDMENTS ADOPTED: HOUSE - 0 SENATE - 0 END OF INQUIRY Full Text Bill Status