92nd General Assembly
Summary of HB1892
   [ Home ]   [ Back ]   [ Legislation ]
Please enter a bill number.

 Full Text  Bill Status
House Sponsors:

Short description: 
PEN CD-CHGO POL-SALARY                                                     

Synopsis of Bill as introduced:
        Amends the Chicago Police Article of the Illinois Pension Code to      
   base retirement benefits on the  highest  12  months,  rather  than  4      
   years,  of  salary  within  the  last 10 years of service, for persons      
   retiring 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 1892 is $161.2 million. The increase in          
          normal cost is estimated to be $5.9 million and the annual           
          payment needed to amortize the estimated increase in the             
          accrued liability over 40 years is $8.2 million. Therefore,          
          the estimated first year cost of HB 1892 is $14.1 million,           
          or 1.92% 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


 Full Text  Bill Status