92nd General Assembly
Status of SB1603
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 Full Text  Bill Summary

   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                                               


 Full Text  Bill Summary