MCAULIFFE AND SAVIANO.
40 ILCS 5/5-136.2 new
30 ILCS 805/8.25 new
Amends the Chicago Police Article of the Illinois Pension Code.
Provides a compounded 3% annual increase in surviving spouse
annuities. Amends the State Mandates Act to require implementation
without reimbursement. Effective immediately.
PENSION NOTE (Pension Laws Commission)
According to an analysis prepared by the Fund's actuary (based
on 12/31/98 membership data), the estimated increase in accrued
liability due to HB 1859 is $110.9 million. The increase in
normal cost is estimated to be $1.2 million and the annual
payment needed to amortize the estimated increase in the
accrued liability over 40 years is $5.5 million. Therefore,
the estimated first year cost of HB 1859 is $6.7 million,
or 0.91% of payroll. As payroll grows, the annual cost will
increase commensurate with payroll.
FEB-16-2001 H FILED WITH CLERK
FEB-16-2001 H ADDED AS A JOINT SPONSOR BURKE
FEB-16-2001 H ADDED AS A JOINT SPONSOR BUGIELSKI
FEB-16-2001 H ADDED AS A JOINT SPONSOR ACEVEDO
FEB-16-2001 H ADDED AS A CO-SPONSOR LYONS,JOSEPH
FEB-16-2001 H ADDED AS A CO-SPONSOR MCAULIFFE
FEB-16-2001 H ADDED AS A CO-SPONSOR SAVIANO
FEB-16-2001 H FIRST READING
FEB-16-2001 H REFERRED TO HOUSE RULES COMMITTEE RULES
FEB-21-2001 H ASSIGNED TO COMMITTEE PERS PENSION
MAR-16-2001 H RE-REFERRED TO RULES COMM/RULE 19(A) RULES HRUL
MAR-30-2001 H PENSION NOTE FILED
MAR-30-2001 H COMMITTEE RULES
JAN-07-2003 H SESSION SINE DIE
END OF INQUIRY
Full Text Bill Summary