RADOGNO. 40 ILCS 5/5-132 from Ch. 108 1/2, par. 5-132 30 ILCS 805/8.26 new Amends the Chicago Police Article of the Illinois Pension Code. Allows retirement at any age with 25 years of service. Increases the retirement formula to 2.25% of average salary for each year of service. Amends the State Mandates Act to require implementation without reimbursement. Effective immediately. PENSION NOTE (Pension Laws Commission) Based on 12/31/98 membership data, the estimated increase in accrued liability due to SB 1596 is $19.6 million. The increase in normal cost is estimated to be $1.8 million and the payment needed to amortize the estimated increase in the accrued lia- bility over 40 years is $0.9 million. Therefore, the estimated increase in annual cost in the 1st year due to SB 1596 is $0.8 million, or 0.12% of payroll. JAN-29-2002 S FIRST READING JAN-29-2002 S REFERRED TO SENATE RULES COMMITTEE RULES FEB-15-2002 S PENSION NOTE FILED AS INTRODUCED FEB-15-2002 S COMMITTEE RULES JAN-07-2003 S SESSION SINE DIE END OF INQUIRY Full Text Bill Summary