RADOGNO. 40 ILCS 5/5-132 from Ch. 108 1/2, par. 5-132 40 ILCS 5/5-148 from Ch. 108 1/2, par. 5-148 30 ILCS 805/8.26 new Amends the Chicago Police Article of the Illinois 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, 2002. Amends the State Mandates Act to require implementation without reimbursement. Effective immediately. PENSION NOTE (Pension Laws Commission) Based on 12/31/98 membership data, the estimated increase in accrued liability due to SB 1603 is $120.7 million. The increase in normal cost is estimated to be $4.4 million and the annual payment needed to amortize the estimated increase in the accrued liability over 40 years is $6.2 million. There- fore, the estimated 1st year cost of SB 1603 is $10.5 million, or 1.46% of payroll. JAN-29-2002 S FIRST READING JAN-29-2002 S REFERRED TO SENATE RULES COMMITTEE RULES FEB-15-2002 S PENSION NOTE FILED AS INTRODUCED FEB-15-2002 S COMMITTEE RULES JAN-07-2003 S SESSION SINE DIE END OF INQUIRY Full Text Bill Summary