MCAULIFFE AND SAVIANO.
PEN CD-CHGO POL-3% INCR-1950
Synopsis of Bill as introduced:
Amends the Chicago Police Article of the Illinois Pension Code.
Extends the 3% annual increase in retirement pension to persons born
in 1945, 1946, 1947, 1948, or 1949; makes this change retroactive to
January 1, 2000. 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 1862 is $128.2 million. The increase in
normal cost is estimated to be $2.6 million and the annual
payment needed to amortize the estimated increase in the
accrued liability over 40 years is $6.5 million. Therefore,
the estimated first year cost of HB 1862 is $9.1 million,
or 1.23% of payroll. As payroll grows, the annual cost will
increase commensurate with payroll.
Last action on Bill: SESSION SINE DIE
Last action date: JAN-07-2003
Amendments to Bill: AMENDMENTS ADOPTED: HOUSE - 0 SENATE - 0
END OF INQUIRY
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