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
END OF INQUIRY
Full Text Bill Summary