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, 2000. Amends the State Mandates Act to require implementation without reimbursement. Effective immediately. PENSION NOTE (Pension Laws Commission) Increase in accrued liability $120.7 million Increase in normal cost $ 4.4 million Annual amortization payment over 40 yrs. $ 6.2 million Estimated 1st year cost (1.46% of payroll) $ 10.5 million 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 Full Text Bill Status