91st General Assembly Summary of SB0061    [ Home ]   [ Back ]   [ Legislation ]

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Senate Sponsors:
RADOGNO.

Short description: 
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)                               
          Estimated total annual cost is $10.7 million (2.77% of               
          payroll).                                                            
          PENSION NOTE, REVISED (Pension Laws Commission)                      
          Estimated first year cost is $32.4 million (4.40% 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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