Synopsis As Introduced Amends the Chicago Police Article of the Illinois Pension Code to base retirement benefits on the highest 36 months, rather than 4 years, of salary within the last 10 years of service, for persons retiring after December 31, 2005. 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 372 has not been calculated, but would be significant.