90th General Assembly
Status of HB2597
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 Full Text  Bill Summary

   40 ILCS 5/5-132.3 new                                                       
   30 ILCS 805/8.22 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 increase in accrued liabilities at 50% utilization is      
          $202.2 M, and at 100% utilization is $454.1 M.                       
   98-01-27  H  FILED WITH CLERK                                               
   98-01-27  H  ADDED AS A JOINT SPONSOR                 CAPPARELLI            
   98-01-27  H  ADDED AS A CO-SPONSOR                    BURKE                 
   98-01-27  H  ADDED AS A CO-SPONSOR                    MCAULIFFE             
   98-01-27  H  ADDED AS A CO-SPONSOR                    BUGIELSKI             
   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                                               


 Full Text  Bill Summary