92nd General Assembly
Status of SB0343
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 Full Text  Bill Summary

   40 ILCS 5/5-114           from Ch. 108 1/2, par. 5-114                      

        Amends the Chicago Police Article of the Illinois Pension Code to      
   limit the salary for pension purposes of persons  first  appointed  to      
   non-civil  service  positions  after  December 31, 2001 to the highest      
   civil service captain's salary.  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 decrease in accrued      
          liability due to SB 343 is $7.0 million.  The decrease in nor-       
          mal cost is estimated to be $0.2 million and decrease in the         
          annual payment due to the estimated reduction in accrued li-         
          ability is $0.3 million. Therefore, the estimated reduction in       
          annual cost in the 1st year due to SB 343 is $0.5 million, or        
          0.07% of payroll. As payroll grows, the annual savings will in-      
          crease 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