SB 1782

Abstract

Amends the Chicago Teacher Article of the Illinois Pension Code. Provides that service retirement pensions shall begin on the effective date of termination as reflected in the records of the Employer. Provides that upon certification of a member's termination (instead of cancellation of his teaching certificate) and on written application, a teacher shall be paid a refund. Provides that to obtain a refund for a member who has completed the minimum term of service required to establish eligibility for a pension, the member must execute and deliver to the Board a written acknowledgment of forfeiture of all service credit and rights to pension payments (instead of a written receipt and acknowledgment). Makes other changes. Effective immediately.