Synopsis As Introduced Amends the Chicago Police Article of the Illinois Pension Code to increase the multiplier used to calculate the maximum allowable pension tax, from 2.00 to 2.26. Effective immediately.
Pension Note (Commission on Gov't Forecasting and Accountability)
Senate Bill 367 would significantly increase the annual employer contributions to the Fund. In FY 2003, the City of Chicago made employer contributions of approximately $140.7 million, using a property tax multiplier of 2.00. If a property tax multiplier of 2.26 had been in effect that year, the employer contributions generated by the tax levy would have totaled approximately $159.0 million, an increase of $18.3 million.