40 ILCS 5/5-136.2 new
30 ILCS 805/8.25 new
Amends the Chicago Police Article of the Illinois Pension Code.
Provides a compounded 3% annual increase in surviving spouse
annuities. 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 345 is $110.9 million. The increase
in normal cost is estimated to be $1.2 million and the annual
payment needed to amortize the estimated increase in the
accrued liability over 40 years is $5.5 million. Therefore,
the estimated 1st year cost of SB 345 is $6.7 million, or
0.91% 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
END OF INQUIRY
Full Text Bill Summary