92nd General Assembly
Status of SB0341
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RADOGNO.

   40 ILCS 5/5-132           from Ch. 108 1/2, par. 5-132                      
   30 ILCS 805/8.25 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 (Pension Laws Commission)                               
          According to an analysis prepared by the Fund's actuary (based       
          on 12/31/98 membership data), the estimated increase in accrued      
          liability due to SB 341 is $19.6 million. The increase in nor-       
          mal 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 estimated in-          
          crease in annual cost in the 1st year due to SB 341 is $0.8          
          million, or 0.12% of payroll. As payroll grows, the annual           
          savings will increase commensurate with payroll.                     
   FEB-20-2001  S  FIRST READING                                                  
   FEB-20-2001  S  REFERRED TO SENATE RULES COMMITTEE       RULES                 
   FEB-21-2001  S       ASSIGNED TO COMMITTEE               INS & PENS.           
   MAR-06-2001  S       TO SUBCOMMITTEE                                           
   MAR-30-2001  S                        PENSION NOTE FILED AS INTRODUCED         
   MAR-31-2001  S  RE-REFERRED TO RULES COMM/RULE 3-9(A)    RULES                 
   JAN-07-2003  S  SESSION SINE DIE                                               

   END OF INQUIRY 



 Full Text  Bill Summary