SANTIAGO AND MCAULIFFE.
40 ILCS 5/5-132 from Ch. 108 1/2, par. 5-132
30 ILCS 805/8.22 new
Amends the Chicago Police Article of the Pension Code to base
retirement benefits on the highest 12 months, rather than 4 years, of
salary within the last 10 years of service, for persons retiring after
December 31, 1998. Amends the State Mandates Act to require
implementation without reimbursement. Effective immediately.
Estimated increase in accrued liability is $146.0 M; in normal
cost is $4.8 M, with an annual payment over 40 years of $6.9 M.
Estimated first year cost is $11.7 M, 1.79% of payroll.
98-01-27 H FILED WITH CLERK
98-01-27 H ADDED AS A JOINT SPONSOR SAVIANO
98-01-27 H ADDED AS A CO-SPONSOR BUGIELSKI
98-01-27 H ADDED AS A CO-SPONSOR BURKE
98-01-27 H ADDED AS A CO-SPONSOR LYONS,JOSEPH
98-01-27 H ADDED AS A CO-SPONSOR SANTIAGO
98-01-27 H ADDED AS A CO-SPONSOR MCAULIFFE
98-01-27 H FIRST READING
98-01-27 H REFERRED TO HOUSE RULES COMMITTEE RULES
98-03-03 H PENSION NOTE FILED
98-03-03 H COMMITTEE RULES
99-01-12 H SESSION SINE DIE
END OF INQUIRY
Full Text Bill Summary