MENDOZA AND SAVIANO.
PEN CD-CHGO POL-DUTY DISAB
Synopsis of Bill as introduced:
Amends the Chicago Police Article of the Illinois Pension Code.
Increases the duty disability benefit to 75% of the current salary
attached from time to time to the rank held by the policeman at the
time of removal from the police department payroll; makes this change
retroactive to January 1, 2001. Amends the State Mandates Act to
require implementation without reimbursement. Effective immediately.
PENSION NOTE (Illinois Pension Laws Commission)
Based on 12/31/98 membership data, the estimated increase in
accrued liability due to HB 4011 is $141.5 million. The
increase in normal cost is estimated to be $3.1 million and
the annual payment needed to amortize the estimated increase
in accrued liability over 40 years is $7.0 million. Therefore,
the 1st year cost of HB 4011 is estimated to be $10.1 million,
or 1.38% of 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
Full Text Bill Status