92nd General Assembly
Status of SB0347
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 Full Text  Bill Summary

   40 ILCS 5/5-154           from Ch. 108 1/2, par. 5-154                      
   40 ILCS 5/5-154.1         from Ch. 108 1/2, par. 5-154.1                    
   30 ILCS 805/8.25 new                                                        

        Amends the Chicago Police Article of the Illinois  Pension  Code.      
   Increases  the  duty  disability  benefit to 75% of the current salary      
   attached from time to time to the rank held by the  policeman  at  the      
   time  of removal from the police department payroll; makes this change      
   retroactive to January 1, 2001.  Increases the child's duty disability      
   and occupational disease disability pension to $100; makes this change      
   retroactive to January 1, 2000.  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 347 is $141.5 million. The increase      
          in normal cost is estimated to be $3.1 million and the annual        
          payment needed to amortize the estimated increase in the             
          accrued liability over 40 years is $7.0 million. Therefore,          
          the estimated 1st year cost of SB 347 is $10.1 million, or           
          1.38% 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