BRADLEY AND MCKEON.
PEN CD-CHGO POL-3% COMPOUNDED
Synopsis of Bill as introduced:
Amends the Chicago Police Article of the Pension Code. Compounds
the automatic annual increase in retirement annuity, increases it to
3% for all annuitants, and removes the 30% maximum increase
limitation. 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 3370 is
$448.4 million, with an estimated increase in normal cost of
$9.8 million. The estimated 1st year cost is $32.4 million, or
4.40% 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