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
END OF INQUIRY
Full Text Bill Summary