PENCD-CHGO TCHR-REFUND-AUGMENT Senate SponsorsSen. Iris Y. Martinez 1/9/2007SenateSession Sine Die 40 ILCS 5/17-116from Ch. 108 1/2, par. 17-11640 ILCS 5/17-119.130 ILCS 805/8.29 newAmends 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. 1/26/2005SenateFiled with Secretary by Sen. Iris Y. Martinez; Prefiled on January 11, 2005 1/26/2005SenateFirst Reading 1/26/2005SenateReferred to Rules 1/9/2007SenateSession Sine Die