BRADLEY AND MCKEON.
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
Amendments to Bill: AMENDMENTS ADOPTED: HOUSE - 0 SENATE - 0
END OF INQUIRY
Full Text Bill Status