PENCD-ART 17-EARLY RETIREMENT

Amends the Chicago Teachers Article of the Illinois Pension Code. Provides that a member who retires after June 1, 2005 and before June 30, 2010 and within 6 months of the last day of teaching for which contributions were required may make a one time contribution to the system and thereby avoid early retirement reduction in allowance. Provides that an election by a member to make such a contribution obligates the last Employer to make a one time contribution to the Fund. Amends the State Mandates Act to require implementation without reimbursement. Effective immediately.