40 ILCS 5/5-167.1 from Ch. 108 1/2, par. 5-167.1
40 ILCS 5/5-167.2 from Ch. 108 1/2, par. 5-167.2
30 ILCS 805/8.26 new
Amends the Chicago Police Article of the Illinois Pension Code.
Compounds the automatic annual increase in retirement annuity. Also
increases it to 3%, reduces the minimum age to 55, and removes the 30%
maximum increase limitation for all annuitants. Amends the State
Mandates Act to require implementation without reimbursement.
PENSION NOTE (Pension Laws Commission)
Based on 12/31/98 membership data, the estimated increase in
accrued liability due to SB 1600 is $448.4 million. The
increase in normal cost is estimated to be $9.8 million and
the annual payment needed to amortize the estimated increase
in the accrued liability over 40 years is $22.6 million. There-
fore, the estimated 1st year cost of SB 1600 is $32.4 million,
or 4.40% 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