PEN CD-CHGO POL-RETMT-80% MAX House SponsorsRep. Robert S. Molaro 1/11/2005HouseSession Sine Die 40 ILCS 5/5-132from Ch. 108 1/2, par. 5-13240 ILCS 5/5-148from Ch. 108 1/2, par. 5-14830 ILCS 805/8.27 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, 2003. 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 HB 1363 is $120.7 million. The increase in normal cost is estimated to be $4.4 million and the payment needed to amortize the estimated increase in the accrued liability over 40 years is $6.2 million. Therefore, the estimated 1st year cost of HB 1363 is $10.5 million, or 1.46% of payroll. As payroll grows, the annual cost will increase commensurate with payroll.Pension Note (Pension Laws Commission) According to an analysis prepared by the Fund's actuary (based on the December 31, 2002 membership data), the estimated increase in accrued liability due to HB 1363 is $138.9 million. The increase in normal cost is estimated to be $5.4 million and the payment needed to amortize the estimated increase in the accrued liability over 40 years is $7.1 million. Therefore, the estimated 1st year cost of HB 1363 is $12.5 million, or 1.44% of payroll. As payroll grows, the annual cost will increase commensurate with payroll. 2/6/2003HouseFiled with the Clerk by Rep. Robert S. Molaro 2/6/2003HouseFirst Reading 2/6/2003HouseReferred to Rules Committee 2/11/2003HouseAssigned to Executive Committee 2/20/2003HousePension Note Filed 3/13/2003HouseRule 19(a) / Re-referred to Rules Committee 5/19/2003HousePension Note Filed revised 1/11/2005HouseSession Sine Die