92nd General Assembly
Summary of SB0486
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Senate Sponsors:

Short description: 
PEN CD-COOK CO-BENEFIT INCRS                                               

Synopsis of Bill as introduced:
        Amends the Cook County Article of the Illinois Pension Code.           
   Increases the retirement formula to 2.4% of average salary for each         
   year of service for persons with at least 10 years of service.              
   Increases the widow's annuity for certain surviving spouses of members      
   who die on or after January 1, 2001. Amends the State Mandates Act to       
   require implementation without reimbursement. Effective immediately.        
          PENSION NOTE (Illinois Pension Laws Commission)                      
          SB 486 would increase the accrued liability of the Fund by           
          $180 million. The payment required to amortize the increase in       
          accrued liability over 40 years is $15.2 million, and the in-        
          crease in annual normal cost is $13.7 million. Therefore, the        
          increase in first year cost is $28.8 million, or 2.70% of            
          payroll. Annual costs 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


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