RADOGNO. 40 ILCS 5/5-132 from Ch. 108 1/2, par. 5-132 30 ILCS 805/8.25 new Amends the Chicago Police Article of the Illinois 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, 2001. Amends the State Mandates Act to require implementation without reimbursement. Effective immediately. PENSION NOTE (Pension Laws Commission) According to an analysis prepared by the Fund's actuary (based on 12/31/98 membership data), the estimated increase in accrued liability due to SB 342 is $161.2 million. The increase in nor- mal cost is estimated to be $5.9 million and the annual payment needed to amortize the estimated increase in the accrued li- ability over 40 years is $8.2 million. Therefore, the estimated 1st year cost of SB 342 is $14.1 million, or 1.92% of payroll. As payroll grows, the annual cost will increase commensurate with payroll. FEB-20-2001 S FIRST READING FEB-20-2001 S REFERRED TO SENATE RULES COMMITTEE RULES FEB-21-2001 S ASSIGNED TO COMMITTEE INS & PENS. MAR-06-2001 S TO SUBCOMMITTEE MAR-30-2001 S PENSION NOTE FILED AS INTRODUCED MAR-31-2001 S RE-REFERRED TO RULES COMM/RULE 3-9(A) RULES JAN-07-2003 S SESSION SINE DIE END OF INQUIRY Full Text Bill Summary