Senate Sponsors: RADOGNO. Short description: PEN CD-CHGO POL-3% INCR-1950 Synopsis of Bill as introduced: Amends the Chicago Police Article of the Illinois Pension Code. Extends the 3% annual increase in retirement pension to persons born in 1945, 1946, 1947, 1948, or 1949; makes this change retroactive to January 1, 2000. Amends the State Mandates Act to require implementation without reimbursement. Effective immediately. PENSION NOTE (Pension Laws Commission) According to an analysis prepared by the Fund's actuary (based on 12/31/98 membership data), the estimated increase in accrued liability due to SB 351 is $128.2 million. The increase in normal cost is estimated to be $2.6 million and the annual payment needed to amortize the estimated increase in the accrued liability over 40 years is $6.5 million. Therefore, the estimated 1st year cost of SB 351 is $9.1 million, or 1.23% of payroll. As payroll grows, the annual cost will increase commensurate with payroll. Last action on Bill: SESSION SINE DIE Last action date: JAN-07-2003 Location: Senate Amendments to Bill: AMENDMENTS ADOPTED: HOUSE - 0 SENATE - 0 END OF INQUIRY Full Text Bill Status