MENDOZA AND SAVIANO.
40 ILCS 5/5-136.2 new
30 ILCS 805/8.26 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 (Illinois Pension Laws Commission)
Based on 12/31/98 membership data, the estimated increase in
accrued liability due to HB 4010 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 1st year cost of HB 4010 is $6.7
million, or 0.91% of payroll.
JAN-29-2002 H FILED WITH CLERK
JAN-29-2002 H ADDED AS A JOINT SPONSOR BUGIELSKI
JAN-29-2002 H ADDED AS A JOINT SPONSOR LYONS,JOSEPH
JAN-29-2002 H ADDED AS A JOINT SPONSOR ACEVEDO
JAN-29-2002 H ADDED AS A JOINT SPONSOR BURKE
JAN-29-2002 H ADDED AS A CO-SPONSOR MCAULIFFE
JAN-29-2002 H ADDED AS A CO-SPONSOR MENDOZA
JAN-29-2002 H ADDED AS A CO-SPONSOR SAVIANO
JAN-29-2002 H FIRST READING
JAN-29-2002 H REFERRED TO HOUSE RULES COMMITTEE RULES
FEB-15-2002 H PENSION NOTE FILED
FEB-15-2002 H COMMITTEE RULES
JAN-07-2003 H SESSION SINE DIE
END OF INQUIRY
Full Text Bill Summary