91st General Assembly
Summary of SB0060
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Senate Sponsors:
RADOGNO.

Short description: 
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,  1999.      
   Amends  the  State  Mandates  Act  to  require  implementation without      
   reimbursement.  Effective immediately.                                      
          PENSION NOTE (Pension Laws Commission)                               
          Estimated first year cost is $9.8 million (1.46% of payroll).        
          PENSION NOTE, REVISED (Pension Laws Commission)                      
          Estimated first year cost is $10.5 million (1.46% of payroll).       
 
Last action on Bill: SESSION SINE DIE

   Last action date: 01-01-09

           Location: Senate

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


   END OF INQUIRY 



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