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
END OF INQUIRY
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