40 ILCS 5/5-132 from Ch. 108 1/2, par. 5-132
30 ILCS 805/8.25 new
Amends the Chicago Police Article of the Illinois Pension Code.
Allows retirement at any age with 25 years of service. Increases the
retirement formula to 2.25% of average salary for each year of
service. 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 SB 341 is $19.6 million. The increase in nor-
mal cost is estimated to be $1.8 million and the payment needed
to amortize the estimated increase in the accrued liability
over 40 years is $0.9 million. Therefore, the estimated in-
crease in annual cost in the 1st year due to SB 341 is $0.8
million, or 0.12% of payroll. As payroll grows, the annual
savings will increase commensurate with payroll.
FEB-20-2001 S FIRST READING
FEB-20-2001 S REFERRED TO SENATE RULES COMMITTEE RULES
FEB-21-2001 S ASSIGNED TO COMMITTEE INS & PENS.
MAR-06-2001 S TO SUBCOMMITTEE
MAR-30-2001 S PENSION NOTE FILED AS INTRODUCED
MAR-31-2001 S RE-REFERRED TO RULES COMM/RULE 3-9(A) RULES
JAN-07-2003 S SESSION SINE DIE
END OF INQUIRY
Full Text Bill Summary