DUDYCZ. 40 ILCS 5/5-132 from Ch. 108 1/2, par. 5-132 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. Provides 2.5% of last day salary for each year of service, up to a 75% maximum; the formula is also applied to certain persons who retire with less than 20 years of service due to reaching mandatory retirement age. Amends the State Mandates Act to require implementation without reimbursement. Effective immediately. PENSION NOTE (Pension Laws Commission) The Chicago Police Pension Fund has not estimated the fiscal impact of SB 2062, but the fiscal impact is expected to be substantial. FEB-07-2002 S FIRST READING FEB-07-2002 S REFERRED TO SENATE RULES COMMITTEE RULES MAR-11-2002 S PENSION NOTE FILED AS INTRODUCED MAR-11-2002 S COMMITTEE RULES JAN-07-2003 S SESSION SINE DIE END OF INQUIRY Full Text Bill Summary