92nd General Assembly
Summary of HB1898
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House Sponsors:

Short description: 
PEN CD-CHGO POL-TAX MULTIPLIER                                             

Synopsis of Bill as introduced:
        Amends the Chicago Police Article of the Illinois Pension Code to      
   increase the  multiplier  used  to  calculate  the  maximum  allowable      
   pension tax, from 2.00 to 2.26.  Effective immediately.                     
          PENSION NOTE (Pension Laws Commission)                               
          HB1898 would significantly increase the annual employer contri-      
          butions to the Fund. In FY 1999, the City of Chicago made em-        
          ployer contributions of approximately $125.1 million, using a        
          property tax multiplier of 2.00. If a property tax multiplier        
          of 2.26 had been in effect that year, the employer contribu-         
          tions generated by the tax levy would have totaled approximat-       
          ely $141.4 million.                                                  
Last action on Bill: SESSION SINE DIE

   Last action date: JAN-07-2003

           Location: House

 Amendments to Bill: AMENDMENTS ADOPTED: HOUSE -   0     SENATE -   0


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