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.
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
Amendments to Bill: AMENDMENTS ADOPTED: HOUSE - 0 SENATE - 0
END OF INQUIRY
Full Text Bill Status