House Sponsors: MCCARTHY. Short description: PEN CD-COOK CO-DEPUTY SALARY Synopsis of Bill as introduced: 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. Last action on Bill: SESSION SINE DIE Last action date: JAN-07-2003 Location: House Amendments to Bill: AMENDMENTS ADOPTED: HOUSE - 0 SENATE - 0 END OF INQUIRY Full Text Bill Status