92nd General Assembly
Status of HB4058
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 Full Text  Bill Summary

   40 ILCS 5/5-168           from Ch. 108 1/2, par. 5-168                      

        Amends the Chicago Police Article of the Illinois Pension Code to      
   increase the  multiplier  used  to  calculate  the  maximum  allowable      
   pension tax, from 2.00 to 2.26.  Effective immediately.                     
          PENSION NOTE (Illinois Pension Laws Commission)                      
          HB 4058 would significantly increase the annual employer             
          contributions to the Fund. In FY 2000, the City of Chicago           
          made employer contributions of approximately $139.4 million,         
          using a property tax multiplier of 2.00. If a property tax           
          multiplier of 2.26 had been in effect that year, the employer        
          contributions generated by the tax levy would have totaled           
          approximately $157.5 million, an increase of $18.1 million.          
   JAN-29-2002  H  FILED WITH CLERK                                               
   JAN-29-2002  H  ADDED AS A JOINT SPONSOR                 CAPPARELLI            
   JAN-29-2002  H  FIRST READING                                                  
   JAN-29-2002  H  REFERRED TO HOUSE RULES COMMITTEE        RULES                 
   FEB-15-2002  H                        PENSION NOTE FILED                       
   FEB-15-2002  H                   COMMITTEE               RULES                 
   JAN-07-2003  H  SESSION SINE DIE                                               


 Full Text  Bill Summary