MENDOZA AND SAVIANO.
40 ILCS 5/5-132 from Ch. 108 1/2, par. 5-132
40 ILCS 5/5-148 from Ch. 108 1/2, par. 5-148
30 ILCS 805/8.26 new
Amends the Chicago Police Article of the Illinois Pension Code to
provide an increase in the retirement benefit formula. Changes the
maximum annuity from 75% to 80% of average salary. Provides for 2.5%
(rather than 2%) of average salary for each year of service beyond 20.
Applies to persons withdrawing from service after December 31, 2002.
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 4013 is $120.7 million. The
increase in normal cost is estimated to be $4.4 million and
the payment needed to amortize the estimated increase in the
accrued liability over 40 years is $6.2 million. Therefore,
the estimated 1st year cost of HB 4013 is $10.5 million, or
1.46% of payroll.
JAN-29-2002 H FILED WITH CLERK
JAN-29-2002 H ADDED AS A JOINT SPONSOR LYONS,JOSEPH
JAN-29-2002 H ADDED AS A JOINT SPONSOR BUGIELSKI
JAN-29-2002 H ADDED AS A JOINT SPONSOR BURKE
JAN-29-2002 H ADDED AS A JOINT SPONSOR ACEVEDO
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
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