CAPPARELLI-BUGIELSKI-MCAULIFFE-LYONS,JOSEPH-ACEVEDO, BURKE, SAVIANO AND OSTERMAN. 40 ILCS 5/5-132 from Ch. 108 1/2, par. 5-132 40 ILCS 5/5-148 from Ch. 108 1/2, par. 5-148 30 ILCS 805/8.25 new Amends the Chicago Police Article of the Illinois Pension Code to provide an increase in the retirement benefit formula. Changes the maximum annuity from 75% to 80% of average salary. Provides for 2.5% (rather than 2%) of average salary for each year of service beyond 20. Applies to persons withdrawing from service after December 31, 2001. 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 1863 is $120.7 million. The increase in normal cost is estimated to be $4.4 million and the annual payment needed to amortize the estimated increase in the accrued liability over 40 years is $6.2 million. Therefore, the estimated first year cost of HB 1863 is $10.5 million, or 1.46% 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 MCAULIFFE FEB-16-2001 H ADDED AS A JOINT SPONSOR LYONS,JOSEPH FEB-16-2001 H ADDED AS A JOINT SPONSOR ACEVEDO FEB-16-2001 H ADDED AS A CO-SPONSOR BRADLEY FEB-16-2001 H ADDED AS A CO-SPONSOR BURKE 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 DEC-03-2002 H ADDED AS A CO-SPONSOR OSTERMAN JAN-07-2003 H SESSION SINE DIE END OF INQUIRY Full Text Bill Summary