Senate Sponsors: WALSH,T. Short description: PEN CD-CHGO POL-EARLY RETMT Synopsis of Bill as introduced: 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 Last action on Bill: SESSION SINE DIE Last action date: 99-01-12 Location: Senate Amendments to Bill: AMENDMENTS ADOPTED: HOUSE - 0 SENATE - 0 END OF INQUIRY Full Text Bill Status