92nd General Assembly
Status of HB1874
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LANG-CAPPARELLI-BUGIELSKI.

   40 ILCS 5/5-132           from Ch. 108 1/2, par. 5-132                      
   30 ILCS 805/8.25 new                                                        

        Amends the Chicago Police Article of the Illinois  Pension  Code.      
   Allows  retirement at any age with 25 years of service.  Increases the      
   retirement formula to  2.25%  of  average  salary  for  each  year  of      
   service.    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 1874 is $19.6 million. The increase in           
          normal cost is estimated to be $1.8 million and the annual           
          payment needed to amortize the estimated increase in the             
          accrued liability over 40 years is $0.9 million. Therefore,          
          the estimated first year cost of HB 1874 is $0.8 million,            
          or 0.12% 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                 CAPPARELLI            
   FEB-16-2001  H  ADDED AS A JOINT SPONSOR                 BUGIELSKI             
   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