92nd General Assembly
Summary of HB4062
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House Sponsors:

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 (Illinois Pension Laws Commission)                      
          Based on 12/31/98 membership data, the estimated increase in         
          accrued liability due to HB 4062 is $19.6 million. The increase      
          in normal cost is estimated to be $1.8 million and the payment       
          needed to amortize the estimated increase in the accrued             
          liability over 40 years is $0.9 million. Therefore, the esti-        
          mated increase in annual cost in the 1st year due to HB 4062 is      
          $0.8 million, or 0.12% of payroll.                                   
          PENSION NOTE (Illinois Pension Laws Commission)                      
          The fiscal impact of HB 4063 has not been calculated, but could      
          be significant. Additional employer contributions would be           
          required, as employer contributions to the Chicago Police            
          Pension Fund are based on employee contributions from two years      
          prior. HB 4063 increases employee contributions beginning            
          January 1, 2003.                                                     
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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