92nd General Assembly
Summary of HB1862
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House Sponsors:

Short description: 
PEN CD-CHGO POL-3% INCR-1950                                               

Synopsis of Bill as introduced:
        Amends the Chicago Police Article of the Illinois  Pension  Code.      
   Extends  the  3% annual increase in retirement pension to persons born      
   in 1945, 1946, 1947, 1948, or 1949; makes this change  retroactive  to      
   January   1,   2000.    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 HB 1862 is $128.2 million. The increase in          
          normal cost is estimated to be $2.6 million and the annual           
          payment needed to amortize the estimated increase in the             
          accrued liability over 40 years is $6.5 million. Therefore,          
          the estimated first year cost of HB 1862 is $9.1 million,            
          or 1.23% of payroll. As payroll grows, the annual cost 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


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