90th General Assembly Summary of HB0017    [ Home ]   [ Back ]   [ Legislation ]

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House Sponsors:
CAPPARELLI-SAVIANO-BUGIELSKI-BURKE-SANTIAGO, LOPEZ, MCAULIFFE 
   LYONS,JOSEPH.

Short description: 
PEN CD-CHGO MUNI-15 YR VESTING                                             

Synopsis of Bill as introduced:
        Amends the Chicago Municipal  Article  of  the  Pension  Code  to      
   require  15  (rather  than  20)  years  of  service to qualify for the      
   minimum retirement and widow annuities.  Amends the State Mandates Act      
   to   require   implementation   without   reimbursement.     Effective      
   immediately.                                                                
          PENSION NOTE                                                         
           Increase in unfunded accrued liability                $ 76.2 M      
           Increase in employer's normal cost                    $ 12.8 M      
           Increase in employer's tax levy multiple                   .16      
 
Last action on Bill: SESSION SINE DIE

   Last action date: 99-01-12

           Location: House

 Amendments to Bill: AMENDMENTS ADOPTED: HOUSE -   0     SENATE -   0


   END OF INQUIRY 


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