PENCD-CHI TEACHER-INCREASE

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. Establishes a minimum retirement pension of $1,500 per month for teachers with at least 20 years of service credit in the Fund. Allows a designated domestic partner to qualify as a surviving spouse for purposes of survivor and death benefits. Provides for a minimum annual contribution from the Chicago Board of Education to the Chicago Teachers' Pension Fund. Amends the State Mandates Act to require implementation without reimbursement. Effective immediately.