92nd General Assembly
Status of SB1599
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 Full Text  Bill Summary

   40 ILCS 5/5-136.2 new                                                       
   30 ILCS 805/8.26 new                                                        

        Amends the Chicago Police Article of the Illinois  Pension  Code.      
   Provides   a   compounded  3%  annual  increase  in  surviving  spouse      
   annuities.  Amends the State Mandates Act  to  require  implementation      
   without reimbursement.  Effective immediately.                              
          PENSION NOTE (Pension Laws Commission)                               
          Based on 12/31/98 membership data, the estimated increase in         
          accrued liability due to SB 1599 is $110.9 million. The              
          increase in normal cost is estimated to be $1.2 million and          
          the annual payment needed to amortize the estimated increase         
          in the accrued liability over 40 years is $5.5 million. There-       
          fore, the estimated 1st year cost of SB 1599 is $6.7 million,        
          or 0.91% of payroll.                                                 
   JAN-29-2002  S  FIRST READING                                                  
   JAN-29-2002  S  REFERRED TO SENATE RULES COMMITTEE       RULES                 
   FEB-15-2002  S                        PENSION NOTE FILED AS INTRODUCED         
   FEB-15-2002  S                   COMMITTEE               RULES                 
   JAN-07-2003  S  SESSION SINE DIE                                               


 Full Text  Bill Summary