House Sponsors: LYONS,JOSEPH-CAPPARELLI-MCAULIFFE-ACEVEDO-BUGIELSKI. Short description: PEN CD-CHGO POL-25 YRS ANY AGE Synopsis of Bill as introduced: 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. 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