90th General Assembly
Summary of HB2597
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House Sponsors:

Short description: 
PEN CD-CHGO POL-EARLY RETMT                                                

Synopsis of Bill as introduced:
        Amends the Chicago Police Article of the Pension Code to  provide      
   early  retirement  incentives.   Grants  up  to  5 years of creditable      
   service and up to 5  years  of  age  enhancement.   Requires  employee      
   contributions  at half the regular rate.  Requires the City to pay the      
   resulting unfunded accrued liability to the Fund over  7  years,  with      
   interest.   Amends  the  State  Mandates Act to require implementation      
   without reimbursement.  Effective immediately.                              
          PENSION NOTE                                                         
          Estimated increase in accrued liabilities at 50% utilization is      
          $202.2 M, and at 100% utilization is $454.1 M.                       
Last action on Bill: SESSION SINE DIE

   Last action date: 99-01-12

           Location: House

 Amendments to Bill: AMENDMENTS ADOPTED: HOUSE -   0     SENATE -   0


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