92nd General Assembly
Status of SB0349
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 Full Text  Bill Summary

   40 ILCS 5/5-132           from Ch. 108 1/2, par. 5-132                      
   40 ILCS 5/5-148           from Ch. 108 1/2, par. 5-148                      
   30 ILCS 805/8.25 new                                                        

        Amends the Chicago Police Article of the Illinois Pension Code to      
   provide an increase in the retirement benefit  formula.   Changes  the      
   maximum  annuity from 75% to 80% of average salary.  Provides for 2.5%      
   (rather than 2%) of average salary for each year of service beyond 20.      
   Applies to persons withdrawing from service after December  31,  2001.      
   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 349 is $120.7 million. The increase      
          in normal cost is estimated to be $4.4 million and the annual        
          payment needed to amortize the estimated increase in the             
          accrued liability over 40 years is $6.2 million. Therefore,          
          the estimated 1st year cost of SB 349 is $10.5 million, or           
          1.46% of 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