Illinois General Assembly - Bill Status for SB0368
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 Bill Status of SB0368  94th General Assembly


Senate Sponsors
Sen. James A. DeLeo

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

Statutes Amended In Order of Appearance
40 ILCS 5/5-154from Ch. 108 1/2, par. 5-154
30 ILCS 805/8.29 new

Synopsis As Introduced
Amends the Chicago Police Article of the Illinois Pension Code. Beginning January 1, 2006, increases the duty disability benefit to 75% of the current salary attached from time to time to the rank held by the policeman at the time of removal from the police department payroll. 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 368 is $141.5 million. The increase in normal cost estimated to be $3.1 million and the annual payment needed to amortize the estimated increase in the accrued liability over 40 years is $7.0 million. Therefore, the estimated 1st year cost of Senate Bill 368 is $10.1 million, or 1.38% of payroll. As payroll grows, the annual cost will increase 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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