92nd General Assembly
Status of SB0348
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 Full Text  Bill Summary

   40 ILCS 5/5-168           from Ch. 108 1/2, par. 5-168                      

        Amends the Chicago Police Article of the Illinois Pension Code to      
   increase the  multiplier  used  to  calculate  the  maximum  allowable      
   pension tax, from 2.00 to 2.26.  Effective immediately.                     
          PENSION NOTE (Pension Laws Commission)                               
          SB 348 would significantly increase the annual employer              
          contributions to the Fund. In FY 1999, the City of Chicago           
          made employer contributions of approximately $125.1 million,         
          using a property tax multiplier of 2.00. If a property tax           
          multiplier of 2.26 had been in effect that year, the employer        
          contributions generated by the tax levy would have totaled           
          approximately $141.4 million.                                        
   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