PEN CD-DNST POL-3% SURVIVOR
Synopsis of Bill as introduced:
Amends the Downstate Police Article of the Pension Code to
provide a noncompounded 3% annual increase in survivor pensions.
Bases the calculation of retirement pensions and the initial automatic
annual increase in retirement pension on the number of months (rather
than full years) of creditable service; makes the resulting increases
apply to currently payable pensions beginning January 1, 1999. Amends
the State Mandates Act to require implementation without
reimbursement. Effective immediately.
Estimated increase in accrued liability, $184.7 M; in total
annual cost, $13.0 M (3.49% of payroll).
Last action on Bill: SESSION SINE DIE
Last action date: 99-01-12
Amendments to Bill: AMENDMENTS ADOPTED: HOUSE - 0 SENATE - 0
END OF INQUIRY
Full Text Bill Status