91st General Assembly
Summary of HB3376
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House Sponsors:
CAPPARELLI-LYONS,JOSEPH-BURKE-ACEVEDO, BUGIELSKI, 
   BRADLEY AND MCKEON.

Short description: 
PEN CD-CHGO POL-SALARY                                                     

Synopsis of Bill as introduced:
        Amends the Chicago Police Article of the  Pension  Code  to  base      
   retirement  benefits on the highest 12 months, rather than 4 years, of      
   salary within the last 10 years of service, for persons retiring 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 3376 is        
          $161.2 million. The increase in normal cost is estimated to be       
          $5.9 million and the annual payment needed to amortize the           
          estimated increase in the accrued liability over 40 years is         
          $8.2 million. The estimated first year cost of HB 3376 is            
          $14.1 million, or 1.92% of payroll.                                  
 
Last action on Bill: SESSION SINE DIE

   Last action date: 01-01-09

           Location: House

 Amendments to Bill: AMENDMENTS ADOPTED: HOUSE -   0     SENATE -   0


   END OF INQUIRY 



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