HB 5643

Abstract

Amends the Downstate Teacher Article of the Illinois Pension Code. Makes changes in the definition of "teacher". In provisions concerning early retirement without discount, provides that certain employer contributions shall be payable to the System within 30 days after receipt of the bill. Increases the single-sum retirement benefit from 1.67% of the member's final average salary for each year of creditable service to 2.2% of the member's final average salary for each year of creditable service. Provides that the System may charge interest at a rate equal to the System's annual actuarially assumed rate of return on investment compounded annually from the 91st day after a school district receives a bill for contributions required of it under the Article or contributions required of teachers. In provisions concerning vacancies on the Board of Trustees, provides that if the Board's secretary determines there is inadequate time to hold a special election so as to allow the newly elected trustee to participate in at least one regularly scheduled Board meeting, then no special election shall be held and the vacancy shall remain until the next regular election. Amends the State Mandates Act to require implementation without reimbursement. Includes new benefit increase language. Effective immediately.