Bill Status of HB2494  103rd General Assembly

Short Description:  PEN CD-CHGO POL-3% COMPOUNDED

House Sponsors
Rep. Daniel J. Burke - Ralph C. Capparelli - Joseph M. Lyons - Susana Mendoza, Maria Antonia Berrios, John A. Fritchey, Michael P. McAuliffe, Robert Rita, Angelo Saviano and Kevin Joyce

Last Action
DateChamber Action
  1/11/2005HouseSession Sine Die

Statutes Amended In Order of Appearance
40 ILCS 5/5-167.1from Ch. 108 1/2, par. 5-167.1
40 ILCS 5/5-167.2from Ch. 108 1/2, par. 5-167.2
30 ILCS 805/8.27 new


Synopsis As Introduced
Amends 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 HB 2494 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 HB 2494 is $32.4 million or 4.40% 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 2494 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 HB 2494 is $51.4 million or 5.93% of payroll. As payroll grows, the annual cost will increase commensurate with payroll.

Actions 
DateChamber Action
  2/20/2003HouseFiled with the Clerk by Rep. Daniel J. Burke
  2/20/2003HouseChief Co-Sponsor Rep. Ralph C. Capparelli
  2/20/2003HouseChief Co-Sponsor Rep. Joseph M. Lyons
  2/20/2003HouseChief Co-Sponsor Rep. Susana Mendoza
  2/20/2003HouseCo-Sponsor Rep. Maria Antonia Berrios
  2/20/2003HouseCo-Sponsor Rep. John A. Fritchey
  2/20/2003HouseCo-Sponsor Rep. Michael P. McAuliffe
  2/20/2003HouseCo-Sponsor Rep. Robert Rita
  2/20/2003HouseCo-Sponsor Rep. Angelo Saviano
  2/20/2003HouseFirst Reading
  2/20/2003HouseReferred to Rules Committee
  2/26/2003HouseAssigned to Executive Committee
  2/28/2003HousePension Note Filed
  3/13/2003HouseRule 19(a) / Re-referred to Rules Committee
  4/16/2003HouseAdded Co-Sponsor Rep. Kevin Joyce
  5/19/2003HousePension Note Filed revised
  1/11/2005HouseSession Sine Die