Date	Chamber	Action
1/9/2007	Senate	Session Sine Die

Statutes Amended In Order of Appearance

40 ILCS 5/5-132

from Ch. 108 1/2, par. 5-132

40 ILCS 5/5-148

from Ch. 108 1/2, par. 5-148

30 ILCS 805/8.29 new

Synopsis As Introduced
Amends the Chicago Police Article of the Illinois Pension Code to provide an increase in the retirement benefit formula. Changes the maximum annuity from 75% to 80% of average salary. Provides for 2.5% (rather than 2%) of average salary for each year of service beyond 20. Applies to persons withdrawing from service after the effective date. Amends the State Mandates Act to require implementation without reimbursement. Effective immediately.

Pension Note (Commission on Gov't Forecasting and Accountability)

According to an analysis prepared by the Fund's actuary (based on 12/31/02 membership data), the estimated increase in accrued liability due to Senate Bill 362 is $138.9 million. The increase in normal cost estimated to be $5.4 million and the payment needed to amortize the estimated increase in the accrued liability over 40 years is $7.1 million. Therefore, the estimated 1st year cost of Senate Bill 362 is $12.5 million, or 1.44% of payroll. As payroll grows, the annual cost will increase with payroll.

Actions 

Date	Chamber	Action
2/15/2005	Senate	Filed with Secretary by Sen. James A. DeLeo
2/15/2005	Senate	First Reading
2/15/2005	Senate	Referred to Rules
2/17/2005	Senate	Assigned to Pensions & Investments
3/2/2005	Senate	Postponed - Pensions & Investments
3/9/2005	Senate	Postponed - Pensions & Investments
3/11/2005	Senate	Pension Note Filed from the Commission on Government Forecasting and Accountability.
3/16/2005	Senate	Postponed - Pensions & Investments
3/18/2005	Senate	Rule 3-9(a) / Re-referred to Rules
1/9/2007	Senate	Session Sine Die

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