HB 437

Abstract

Amends the Downstate Teacher Article of the Illinois Pension Code. Eliminates the 100-day TRS membership waiting period for persons receiving a retirement annuity under the Chicago Teacher Article. Permits certain teachers who interrupted service under the Chicago Teacher Article because of pregnancy to purchase TRS credit for the period of leave. Incorporates the 2.2% retirement formula into the calculation of the single-sum retirement benefit. Combines the Members' Contribution Reserve and the Employer's Contribution Reserve into a single new Benefit Trust Reserve. Provides for participation in the System by current System employees who elect to participate after a change in position. Provides that a member who elects to receive an optional increase in retirement annuity may make the required contributions in installments over a 24-month period regardless of when the member becomes an annuitant (currently the member must become an annuitant before June 30, 2003). Effective immediately.