CAPPARELLI-BUGIELSKI-LYONS,JOSEPH-BRADLEY- MCAULIFFE AND SAVIANO. 40 ILCS 5/5-167.1 from Ch. 108 1/2, par. 5-167.1 30 ILCS 805/8.25 new Amends the Chicago Police Article of the Illinois Pension Code. Extends the 3% annual increase in retirement pension to persons born in 1945, 1946, 1947, 1948, or 1949; makes this change retroactive to January 1, 2000. Amends the State Mandates Act to require implementation without reimbursement. Effective immediately. PENSION NOTE (Pension Laws Commission) According to an analysis prepared by the Fund's actuary (based on 12/31/98 membership data), the estimated increase in accrued liability due to HB 1862 is $128.2 million. The increase in normal cost is estimated to be $2.6 million and the annual payment needed to amortize the estimated increase in the accrued liability over 40 years is $6.5 million. Therefore, the estimated first year cost of HB 1862 is $9.1 million, or 1.23% of payroll. As payroll grows, the annual cost will increase commensurate with payroll. FEB-16-2001 H FILED WITH CLERK FEB-16-2001 H ADDED AS A JOINT SPONSOR BUGIELSKI FEB-16-2001 H ADDED AS A JOINT SPONSOR LYONS,JOSEPH FEB-16-2001 H ADDED AS A JOINT SPONSOR BRADLEY FEB-16-2001 H ADDED AS A JOINT SPONSOR BURKE FEB-16-2001 H ADDED AS A CO-SPONSOR MCAULIFFE FEB-16-2001 H ADDED AS A CO-SPONSOR SAVIANO FEB-16-2001 H FIRST READING FEB-16-2001 H REFERRED TO HOUSE RULES COMMITTEE RULES FEB-21-2001 H ASSIGNED TO COMMITTEE PERS PENSION MAR-16-2001 H RE-REFERRED TO RULES COMM/RULE 19(A) RULES HRUL MAR-30-2001 H PENSION NOTE FILED MAR-30-2001 H COMMITTEE RULES JAN-07-2003 H SESSION SINE DIE END OF INQUIRY Full Text Bill Summary