PEN CD-CHGO POL-3% COMPOUNDED Senate SponsorsSen. James A. DeLeo-Denny Jacobs 1/11/2005SenateSession Sine Die 40 ILCS 5/5-167.1from Ch. 108 1/2, par. 5-167.140 ILCS 5/5-167.2from Ch. 108 1/2, par. 5-167.230 ILCS 805/8.27 newAmends the Chicago Police Article of the Illinois Pension Code. Compounds the automatic annual increase in retirement annuity. Also increases it to 3%, reduces the minimum age to 55, and removes the 30% maximum increase limitation for all annuitants. 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 582 is $448.4 million. The increase in normal cost is estimated to be $9.8 million and the annual payment needed to amortize the estimated increase in the accrued liability over 40 years is $22.6 million. Therefore, the estimated 1st year cost of SB 582 is $32.4 million, or 4.40% of payroll. As payroll grows, the annual cost will increase commensurate with payroll. Fiscal Note (Dept of Commerce and Community Affairs) No fiscal impact on DCCA. The extent of fiscal impact on local governments cannot be determined.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 582 is $463.7 million. The increase in normal cost is estimated to be $27.4 million and the annual payment needed to amortize the estimated increase in the accrued liability over 40 years is $24.0 million. Therefore, the estimated 1st year cost of SB 582 is $51.4 million, or 5.93% of payroll. As payroll grows, the annual cost will increase commensurate with payroll. 2/18/2003SenateFiled with Secretary by Sen. James A. DeLeo 2/18/2003SenateFirst Reading 2/18/2003SenateReferred to Rules 2/19/2003SenateAssigned to Insurance & Pensions 2/27/2003SenatePostponed - Insurance & Pensions 2/28/2003SenatePension Note Filed As Introduced 3/5/2003SenateTo Subcommittee 3/12/2003SenateAdded as Chief Co-Sponsor Sen. Denny Jacobs 3/13/2003SenateDo Pass Insurance & Pensions; 006-004-000 3/13/2003SenatePlaced on Calendar Order of 2nd Reading March 18, 2003 3/18/2003SenateFiscal Note Requested by Sen. Bill Brady 3/25/2003SenateFiscal Note Filed 4/4/2003SenateThird Reading Deadline Extended - Rule 2-10(e) to April 9, 2003. 5/21/2003SenatePension Note Filed As Introduced - Revised 7/1/2003SenatePursuant to Senate Rule 3-9(b) / Referred to Rules 1/11/2005SenateSession Sine Die