Senate Sponsors: RADOGNO. Short description: PEN CD-CHGO POL-3% COMPOUNDED Synopsis of Bill as introduced: Amends the Chicago Police Article of the Pension Code. Compounds the automatic annual increase in retirement annuity, increases it to 3% for all annuitants, and removes the 30% maximum increase limitation. Amends the State Mandates Act to require implementation without reimbursement. Effective immediately. PENSION NOTE (Pension Laws Commission) Increase in accrued liability $448.4 million Increase in normal cost $ 9.8 million Annual amortization payment over 40 yrs. $ 22.6 million Estimated 1st year cost (4.40% of payroll) $ 32.4 million Last action on Bill: SESSION SINE DIE Last action date: 01-01-09 Location: Senate Amendments to Bill: AMENDMENTS ADOPTED: HOUSE - 0 SENATE - 0 END OF INQUIRY Full Text Bill Status