CAPPARELLI-LYONS,JOSEPH-BUGIELSKI-BURKE-ACEVEDO, MENDOZA AND SAVIANO. 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 805/8.26 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, 2002. Amends the State Mandates Act to require implementation without reimbursement. Effective immediately. PENSION NOTE (Illinois Pension Laws Commission) Based on 12/31/98 membership data, the estimated increase in accrued liability due to HB 4013 is $120.7 million. The increase in normal cost is estimated to be $4.4 million and the payment needed to amortize the estimated increase in the accrued liability over 40 years is $6.2 million. Therefore, the estimated 1st year cost of HB 4013 is $10.5 million, or 1.46% of payroll. JAN-29-2002 H FILED WITH CLERK JAN-29-2002 H ADDED AS A JOINT SPONSOR LYONS,JOSEPH JAN-29-2002 H ADDED AS A JOINT SPONSOR BUGIELSKI JAN-29-2002 H ADDED AS A JOINT SPONSOR BURKE JAN-29-2002 H ADDED AS A JOINT SPONSOR ACEVEDO JAN-29-2002 H ADDED AS A CO-SPONSOR MCAULIFFE JAN-29-2002 H ADDED AS A CO-SPONSOR MENDOZA JAN-29-2002 H ADDED AS A CO-SPONSOR SAVIANO JAN-29-2002 H FIRST READING JAN-29-2002 H REFERRED TO HOUSE RULES COMMITTEE RULES FEB-15-2002 H PENSION NOTE FILED FEB-15-2002 H COMMITTEE RULES JAN-07-2003 H SESSION SINE DIE END OF INQUIRY Full Text Bill Summary