SANTIAGO AND MCAULIFFE.
PEN CD-CHICAGO POLICE-SALARY
Synopsis of Bill as introduced:
Amends the Chicago Police Article of the 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, 1998. Amends the State Mandates Act to require
implementation without reimbursement. Effective immediately.
Estimated increase in accrued liability is $146.0 M; in normal
cost is $4.8 M, with an annual payment over 40 years of $6.9 M.
Estimated first year cost is $11.7 M, 1.79% of payroll.
Last action on Bill: SESSION SINE DIE
Last action date: 99-01-12
Amendments to Bill: AMENDMENTS ADOPTED: HOUSE - 0 SENATE - 0
END OF INQUIRY
Full Text Bill Status