MENDOZA AND SAVIANO.
PEN CD-CHGO POL-RETMT-80% MAX
Synopsis of Bill as introduced:
Amends the Chicago Police Article of the Illinois Pension Code to
provide an increase in the retirement benefit formula. Changes the
maximum annuity from 75% to 80% of average salary. Provides for 2.5%
(rather than 2%) of average salary for each year of service beyond 20.
Applies to persons withdrawing from service after December 31, 2002.
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 4013 is $120.7 million. The
increase in normal cost is estimated to be $4.4 million and
the payment needed to amortize the estimated increase in the
accrued liability over 40 years is $6.2 million. Therefore,
the estimated 1st year cost of HB 4013 is $10.5 million, or
1.46% 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