BRADLEY AND MCKEON.
PEN CD-CHGO POL-INCR RETMT-80%
Synopsis of Bill as introduced:
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)
The estimated increase in accrued liability due to HB 3369 is
$120.7 million, with an estimated increase in normal cost of
$4.4 million. The estimated 1st year cost is $10.5 million, or
1.46% of payroll.
Last action on Bill: SESSION SINE DIE
Last action date: 01-01-09
Amendments to Bill: AMENDMENTS ADOPTED: HOUSE - 0 SENATE - 0
END OF INQUIRY
Full Text Bill Status