92nd General Assembly
Status of SB1601
   [ Home ]   [ Back ]   [ Legislation ]
Please enter a bill number.

 Full Text  Bill Summary

   40 ILCS 5/5-154           from Ch. 108 1/2, par. 5-154                      
   30 ILCS 805/8.26 new                                                        

        Amends the Chicago Police Article of the Illinois  Pension  Code.      
   Increases  the  duty  disability  benefit to 75% of the current salary      
   attached from time to time to the rank held by the  policeman  at  the      
   time  of  removal  from  the  police  department  payroll, for certain      
   disabled officers not yet receiving that formula; makes this  increase      
   retroactive  to  January  1,  2002.   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 1601 is $141.5 million. The              
          increase in normal cost is estimated to be $3.1 million and          
          the annual payment needed to amortize the estimated increase         
          in the accrued liability over 40 years is $7.0 million. There-       
          fore, the estimated 1st year cost of SB 1601 is $10.1 million,       
          or 1.38% 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