PEN CD-CHGO POL-3% COMPOUNDED
Synopsis of Bill as introduced:
Amends the Chicago Police Article of the Illinois Pension Code.
Compounds the automatic annual increase in retirement annuity. Also
increases it to 3%, reduces the minimum age to 55, and removes the 30%
maximum increase limitation for all annuitants. Amends the State
Mandates Act to require implementation without reimbursement.
PENSION NOTE (Illinois Pension Laws Commission)
Based on 12/31/98 membership data, the estimated increase in
accrued liability due to HB 4180 is $448.4 million. The
increase in normal cost is estimated to be $9.8 million and
the annual payment needed to amortize the estimated increase
in the accrued liability over 40 years is $22.6 million. There-
fore, the estimated 1st year cost of HB 4180 is $32.4 million,
or 4.40% 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