92nd General Assembly
Summary of SB0564
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Senate Sponsors:

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


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