40 ILCS 5/5-132 from Ch. 108 1/2, par. 5-132
40 ILCS 5/5-148 from Ch. 108 1/2, par. 5-148
30 ILCS 805/8.26 new
Amends the Chicago Police Article of the Illinois Pension Code to
provide an increase in the retirement benefit formula. Changes the
maximum annuity from 75% to 80% of average salary. Provides for 2.5%
(rather than 2%) of average salary for each year of service beyond 20.
Applies to persons withdrawing from service after December 31, 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 1603 is $120.7 million. The
increase in normal cost is estimated to be $4.4 million and
the annual payment needed to amortize the estimated increase
in the accrued liability over 40 years is $6.2 million. There-
fore, the estimated 1st year cost of SB 1603 is $10.5 million,
or 1.46% 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