PEN CD-CHGO POL-SALARY Senate SponsorsSen. James A. DeLeo-Denny Jacobs 1/11/2005SenateSession Sine Die 40 ILCS 5/5-132from Ch. 108 1/2, par. 5-13230 ILCS 805/8.27 newAmends 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, 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 SB 586 is $161.2 million. The increase in normal cost is estimated to be $5.9 million and the annual payment needed to amortize the estimated increase in the accrued liability over 40 years is $8.2 million. Therefore, the estimated 1st year cost of SB 586 is $14.1 million, or 1.92% of payroll. As payroll grows, the annual cost will increase commensurate with payroll. Fiscal Note (Dept of Commerce and Community Affairs) SB 586 does not incur a fiscal impact on DCCA.Pension Note (Pension Laws Commission) The estimated increase in accrued liability is $161.2 million. The increase in normal cost is estimated to be $8.1 million and the annual payment needed to amortize the estimated increase over 40 yrs. is $8.5 million. Therefore, the estimated 1st year cost is $16.6 million or 1.92% of 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