92nd General Assembly
Status of HB4062
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 Full Text  Bill Summary

   40 ILCS 5/5-132           from Ch. 108 1/2, par. 5-132                      
   30 ILCS 805/8.26 new                                                        

        Amends the Chicago Police Article of the Illinois  Pension  Code.      
   Allows  retirement at any age with 25 years of service.  Increases the      
   retirement formula to  2.25%  of  average  salary  for  each  year  of      
   service.    Amends  the  State  Mandates Act to require implementation      
   without reimbursement.  Effective immediately.                              
          PENSION NOTE (Illinois Pension Laws Commission)                      
          Based on 12/31/98 membership data, the estimated increase in         
          accrued liability due to HB 4062 is $19.6 million. The increase      
          in normal cost is estimated to be $1.8 million and the payment       
          needed to amortize the estimated increase in the accrued             
          liability over 40 years is $0.9 million. Therefore, the esti-        
          mated increase in annual cost in the 1st year due to HB 4062 is      
          $0.8 million, or 0.12% of payroll.                                   
          PENSION NOTE (Illinois Pension Laws Commission)                      
          The fiscal impact of HB 4063 has not been calculated, but could      
          be significant. Additional employer contributions would be           
          required, as employer contributions to the Chicago Police            
          Pension Fund are based on employee contributions from two years      
          prior. HB 4063 increases employee contributions beginning            
          January 1, 2003.                                                     
   JAN-29-2002  H  FILED WITH CLERK                                               
   JAN-29-2002  H  ADDED AS A JOINT SPONSOR                 CAPPARELLI            
   JAN-29-2002  H  ADDED AS A JOINT SPONSOR                 MCAULIFFE             
   JAN-29-2002  H  ADDED AS A JOINT SPONSOR                 ACEVEDO               
   JAN-29-2002  H  ADDED AS A JOINT SPONSOR                 BUGIELSKI             
   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