Iris Y. Martinez
- Democratic
Primary
Amends the Chicago Teacher Article of the Illinois Pension Code. Provides that the service retirement pension for a teacher who retires on or after the effective date of this amendatory Act shall be 2.4% (now 2.2%) of average salary for each year of creditable service. Eliminates the required contribution for converting past service to the augmented retirement formula, and provides for a refund of such contributions already paid. Also provides for recalculation of the pension and a lump sum payment of the difference between the augmented and unaugmented rates for certain pensioners. Amends the State Mandates Act to require implementation without reimbursement. Effective immediately.
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Session Sine Die
Rule 3-9(a) / Re-referred to Rules
Assigned to Pensions and Investments
Filed with Secretary by Sen. Iris Y. Martinez
First Reading
Referred to Rules
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