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
END OF INQUIRY
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