MCCARTHY. 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 END OF INQUIRY Full Text Bill Summary