92nd General Assembly
Summary of SB0343
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Senate Sponsors:
RADOGNO.

Short description: 
PEN CD-CHGO POL-BRASS SALARY                                               

Synopsis of Bill as introduced:
        Amends the Chicago Police Article of the Illinois Pension Code to      
   limit the salary for pension purposes of persons  first  appointed  to      
   non-civil  service  positions  after  December 31, 2001 to the highest      
   civil service captain's salary.  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 decrease in accrued      
          liability due to SB 343 is $7.0 million.  The decrease in nor-       
          mal cost is estimated to be $0.2 million and decrease in the         
          annual payment due to the estimated reduction in accrued li-         
          ability is $0.3 million. Therefore, the estimated reduction in       
          annual cost in the 1st year due to SB 343 is $0.5 million, or        
          0.07% of payroll. As payroll grows, the annual savings will in-      
          crease commensurate with payroll.                                    
 
Last action on Bill: SESSION SINE DIE

   Last action date: JAN-07-2003

           Location: Senate

 Amendments to Bill: AMENDMENTS ADOPTED: HOUSE -   0     SENATE -   0


   END OF INQUIRY 



 Full Text  Bill Status