92nd General Assembly
Status of HB1724
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 Full Text  Bill Summary

   40 ILCS 5/9-128.1         from Ch. 108 1/2, par. 9-128.1                    
   30 ILCS 805/8.25 new                                                        

        Amends the Cook County Article of the Illinois  Pension  Code  to      
   provide that pensions calculated under the special formula for members      
   of  the  county  police  department  shall be based on (1) the average      
   salary for the highest 12 months (rather than 4 years) within the last      
   10 years of service or (2) salary on the last  day  of  service  as  a      
   member  of the county police department, whichever is greater.  Amends      
   the   State   Mandates   Act   to   require   implementation   without      
   reimbursement.  Effective immediately.                                      
          PENSION NOTE (Pension Laws Commission)                               
          HB 1724 would increase the accrued liability of the Cook County      
          Employees' Fund by an estimated $9.9 million. The annual pay-        
          ment needed to amortize the estimated increase in unfunded lia-      
          bility over 40 years is $0.8 million. The estimated annual in-       
          crease in normal cost is $0.3 million. Therefore, the estimated      
          increase in total annual cost is $1.1 million, or 0.11% of pay-      
          roll. Annual costs will increase commensurate with payroll.          
   FEB-15-2001  H  FILED WITH CLERK                                               
   FEB-15-2001  H  FIRST READING                                                  
   FEB-15-2001  H  REFERRED TO HOUSE RULES COMMITTEE        RULES                 
   FEB-21-2001  H       ASSIGNED TO COMMITTEE               PERS PENSION          
   FEB-27-2001  H                        PENSION NOTE FILED                       
   FEB-27-2001  H                   COMMITTEE               PERS PENSION          
   MAR-16-2001  H  RE-REFERRED TO RULES COMM/RULE 19(A)     RULES         HRUL    
   JAN-07-2003  H  SESSION SINE DIE                                               


 Full Text  Bill Summary