WALSH,T. 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 Increase in accrued liability at 50% $233.3 M Increase in total annual cost at 50% $ 31.1 M Increase in accrued liability at 100% $516.3 M Increase in total annual cost at 100% $ 62.2 M 97-02-05 S FIRST READING 97-02-05 S REFERRED TO SENATE RULES COMMITTEE RULES 97-02-05 S ASSIGNED TO COMMITTEE INS & PENS. 97-02-26 S TO SUBCOMMITTEE 97-03-05 S PENSION NOTE FILED 97-03-05 S COMMITTEE INS & PENS. 97-03-15 S RE-REFERRED TO RULES COMM/RULE 3-9(A) RULES 99-01-12 S SESSION SINE DIE END OF INQUIRY Full Text Bill Summary