Synopsis As Introduced Amends the Chicago Police Article of the Illinois Pension Code. Increases the minimum monthly annuity payment to $1,250 for any policeman who retired from the service before January 1, 2006, at age 50 or over with 20 or more years of service, and for any policeman who retired from service due to termination of disability and who is entitled to an annuity on January 1, 2006. Increases the minimum amount of a widow's annuity to $1,200 per month. Amends the State Mandates Act to require implementation without reimbursement. Effective immediately.
Pension Note (Commission on Gov't Forecasting and Accountability)
The fiscal impact of Senate Bill 366 has not been calculated, but would be substantial.