BURKE, SAVIANO AND OSTERMAN.
40 ILCS 5/5-132 from Ch. 108 1/2, par. 5-132
40 ILCS 5/5-148 from Ch. 108 1/2, par. 5-148
30 ILCS 805/8.25 new
Amends the Chicago Police Article of the Illinois Pension Code to
provide an increase in the retirement benefit formula. Changes the
maximum annuity from 75% to 80% of average salary. Provides for 2.5%
(rather than 2%) of average salary for each year of service beyond 20.
Applies to persons withdrawing from service after December 31, 2001.
Amends the State Mandates Act to require implementation without
reimbursement. Effective immediately.
PENSION NOTE (Pension Laws Commission)
According to an analysis prepared by the Fund's actuary (based
on 12/31/98 membership data), the estimated increase in accrued
liability due to HB 1863 is $120.7 million. The increase in
normal cost is estimated to be $4.4 million and the annual
payment needed to amortize the estimated increase in the
accrued liability over 40 years is $6.2 million. Therefore,
the estimated first year cost of HB 1863 is $10.5 million,
or 1.46% of payroll. As payroll grows, the annual cost will
increase commensurate with payroll.
FEB-16-2001 H FILED WITH CLERK
FEB-16-2001 H ADDED AS A JOINT SPONSOR BUGIELSKI
FEB-16-2001 H ADDED AS A JOINT SPONSOR MCAULIFFE
FEB-16-2001 H ADDED AS A JOINT SPONSOR LYONS,JOSEPH
FEB-16-2001 H ADDED AS A JOINT SPONSOR ACEVEDO
FEB-16-2001 H ADDED AS A CO-SPONSOR BRADLEY
FEB-16-2001 H ADDED AS A CO-SPONSOR BURKE
FEB-16-2001 H ADDED AS A CO-SPONSOR SAVIANO
FEB-16-2001 H FIRST READING
FEB-16-2001 H REFERRED TO HOUSE RULES COMMITTEE RULES
FEB-21-2001 H ASSIGNED TO COMMITTEE PERS PENSION
MAR-16-2001 H RE-REFERRED TO RULES COMM/RULE 19(A) RULES HRUL
MAR-30-2001 H PENSION NOTE FILED
MAR-30-2001 H COMMITTEE RULES
DEC-03-2002 H ADDED AS A CO-SPONSOR OSTERMAN
JAN-07-2003 H SESSION SINE DIE
END OF INQUIRY
Full Text Bill Summary