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
END OF INQUIRY
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