Illinois General Assembly - Bill Status for SB0363
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 Bill Status of SB0363  94th General Assembly

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

Senate Sponsors
Sen. James A. DeLeo

Last Action
DateChamber Action
  1/9/2007SenateSession Sine Die

Statutes Amended In Order of Appearance
40 ILCS 5/5-167.1from Ch. 108 1/2, par. 5-167.1
40 ILCS 5/5-167.2from Ch. 108 1/2, par. 5-167.2
30 ILCS 805/8.29 new

Synopsis 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 (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 363 is $463.7 million. The increase in normal cost estimated to be $27.4 million and the annual payment needed to amortize the estimated increase in the accrued liability over 40 years is $24.0 million. Therefore, the estimated 1st year cost of Senate Bill 363 is $51.4 million, or 5.93% of payroll. As payroll grows, the annual cost will increase commensurate with payroll.

DateChamber Action
  2/15/2005SenateFiled with Secretary by Sen. James A. DeLeo
  2/15/2005SenateFirst Reading
  2/15/2005SenateReferred to Rules
  2/17/2005SenateAssigned to Pensions & Investments
  3/2/2005SenatePostponed - Pensions & Investments
  3/9/2005SenatePostponed - Pensions & Investments
  3/11/2005SenatePension Note Filed from the Commission on Government Forecasting and Accountability.
  3/16/2005SenatePostponed - Pensions & Investments
  3/18/2005SenateRule 3-9(a) / Re-referred to Rules
  1/9/2007SenateSession Sine Die

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