92nd General Assembly
Status of HB4180
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 Full Text  Bill Summary

   40 ILCS 5/5-167.1         from Ch. 108 1/2, par. 5-167.1                    
   40 ILCS 5/5-167.2         from Ch. 108 1/2, par. 5-167.2                    
   30 ILCS 805/8.26 new                                                        

        Amends the Chicago Police Article of the Illinois  Pension  Code.      
   Compounds  the  automatic annual increase in retirement annuity.  Also      
   increases it to 3%, reduces the minimum age to 55, and removes the 30%      
   maximum increase limitation for  all  annuitants.   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 4180 is $448.4 million. The              
          increase in normal cost is estimated to be $9.8 million and          
          the annual payment needed to amortize the estimated increase         
          in the accrued liability over 40 years is $22.6 million. There-      
          fore, the estimated 1st year cost of HB 4180 is $32.4 million,       
          or 4.40% of payroll.                                                 
   JAN-30-2002  H  FILED WITH CLERK                                               
   JAN-30-2002  H  ADDED AS A JOINT SPONSOR                 BUGIELSKI             
   JAN-30-2002  H  ADDED AS A JOINT SPONSOR                 CAPPARELLI            
   JAN-30-2002  H  ADDED AS A JOINT SPONSOR                 ACEVEDO               
   JAN-30-2002  H  ADDED AS A JOINT SPONSOR                 BRADLEY               
   JAN-30-2002  H  FIRST READING                                                  
   JAN-30-2002  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