RADOGNO. 40 ILCS 5/5-132 from Ch. 108 1/2, par. 5-132 40 ILCS 5/5-148 from Ch. 108 1/2, par. 5-148 30 ILCS 805/8.24 new Amends the Chicago Police Article of the 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, 2000. Amends the State Mandates Act to require implementation without reimbursement. Effective immediately. PENSION NOTE (Pension Laws Commission) Increase in accrued liability $120.7 million Increase in normal cost $ 4.4 million Annual amortization payment over 40 yrs. $ 6.2 million Estimated 1st year cost (1.46% of payroll) $ 10.5 million 00-01-26 S FIRST READING 00-01-26 S REFERRED TO SENATE RULES COMMITTEE RULES 00-01-31 S PENSION NOTE FILED 00-01-31 S COMMITTEE RULES 01-01-09 S SESSION SINE DIE END OF INQUIRY Full Text Bill Summary