House Sponsors: LANG-CAPPARELLI-BUGIELSKI. Short description: PEN CD-CHGO POL-25 YRS ANY AGE Synopsis of Bill as introduced: 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) 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 1874 is $19.6 million. The increase in normal cost is estimated to be $1.8 million and the annual payment needed to amortize the estimated increase in the accrued liability over 40 years is $0.9 million. Therefore, the estimated first year cost of HB 1874 is $0.8 million, or 0.12% 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 Location: House Amendments to Bill: AMENDMENTS ADOPTED: HOUSE - 0 SENATE - 0 END OF INQUIRY Full Text Bill Status