92nd General Assembly
Status of SB2062
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 Full Text  Bill Summary

   40 ILCS 5/5-132           from Ch. 108 1/2, par. 5-132                      
   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.  Provides  2.5%      
   of  last day salary for each year of service, up to a 75% maximum; the      
   formula is also applied to certain persons who retire with  less  than      
   20  years of service due to reaching mandatory retirement age.  Amends      
   the   State   Mandates   Act   to   require   implementation   without      
   reimbursement.  Effective immediately.                                      
          PENSION NOTE (Pension Laws Commission)                               
          The Chicago Police Pension Fund has not estimated the fiscal         
          impact of SB 2062, but the fiscal impact is expected to be           
   FEB-07-2002  S  FIRST READING                                                  
   FEB-07-2002  S  REFERRED TO SENATE RULES COMMITTEE       RULES                 
   MAR-11-2002  S                        PENSION NOTE FILED AS INTRODUCED         
   MAR-11-2002  S                   COMMITTEE               RULES                 
   JAN-07-2003  S  SESSION SINE DIE                                               


 Full Text  Bill Summary