LYONS,JOSEPH-CAPPARELLI-BURKE-BUGIELSKI-LOPEZ, SANTIAGO, MCAULIFFE AND SAVIANO. 40 ILCS 5/5-132.3 new 30 ILCS 805/8.21 new Amends the Chicago Police Article of the Pension Code to provide early retirement incentives. Grants up to 5 years of creditable service and up to 5 years of age enhancement. Requires employee contributions at half the regular rate. Requires the City to pay the resulting unfunded accrued liability to the Fund over 7 years, with interest. Amends the State Mandates Act to require implementation without reimbursement. Effective immediately. PENSION NOTE Estimated, though uncertain, costs are: Increase in accrued liability at 50% utilization $233.3 M Increase in accrued liability at 100% utilization $516.3 M Increase in total annual cost at 50% utilization $ 31.1 M Increase in total annual cost at 100% utilization $ 62.2 M 97-01-29 H FIRST READING 97-01-29 H ADDED AS A JOINT SPONSOR CAPPARELLI 97-01-29 H ADDED AS A CO-SPONSOR BURKE 97-01-29 H ADDED AS A CO-SPONSOR BUGIELSKI 97-01-29 H ADDED AS A CO-SPONSOR LOPEZ 97-01-29 H ADDED AS A CO-SPONSOR SANTIAGO 97-01-29 H ADDED AS A CO-SPONSOR GRANBERG 97-01-29 H ADDED AS A CO-SPONSOR MCAULIFFE 97-01-29 H ADDED AS A CO-SPONSOR SAVIANO 97-01-29 H REFERRED TO HOUSE RULES COMMITTEE RULES 97-02-05 H ASSIGNED TO COMMITTEE PERS PENSION 97-03-03 H PENSION NOTE FILED 97-03-03 H COMMITTEE PERS PENSION 97-03-21 H RE-REFERRED TO RULES COMM/RULE 19(A) RULES HRUL 99-01-12 H SESSION SINE DIE END OF INQUIRY Full Text Bill Summary