92nd General Assembly
Summary of HB4180
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House Sponsors:

Short description: 
PEN CD-CHGO POL-3% COMPOUNDED                                              

Synopsis of Bill as introduced:
        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.                                                 
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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