92nd General Assembly
Status of SB0342
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 Full Text  Bill Summary

   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 to      
   base retirement benefits on the  highest  12  months,  rather  than  4      
   years,  of  salary  within  the  last 10 years of service, for persons      
   retiring after December 31, 2001.  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 342 is $161.2 million. The increase in nor-      
          mal cost is estimated to be $5.9 million and the annual payment      
          needed to amortize the estimated increase in the accrued li-         
          ability over 40 years is $8.2 million. Therefore, the estimated      
          1st year cost of SB 342 is $14.1 million, or 1.92% of payroll.       
          As payroll grows, the annual cost 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                                               


 Full Text  Bill Summary