92nd General Assembly
Status of SB1602
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 Full Text  Bill Summary

   40 ILCS 5/5-168           from Ch. 108 1/2, par. 5-168                      

        Amends the Chicago Police Article of the Illinois Pension Code to      
   increase the  multiplier  used  to  calculate  the  maximum  allowable      
   pension tax, from 2.00 to 2.26.  Effective immediately.                     
          PENSION NOTE (Pension Laws Commission)                               
          SB 1602 would significantly increase the annual employer con-        
          tributions to the Fund. In FY 2000, the City of Chicago made         
          employer contributions of approximately $139.4 million, using        
          a property tax multiplier of 2.00. If a property tax multiplier      
          of 2.26 had been in effect that year, the employer contribu-         
          tions generated by the tax levy would have totaled approxi-          
          mately $157.5 million, an increase of $18.1 million.                 
   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