FRITCHEY-BUGIELSKI-CAPPARELLI-ACEVEDO-BRADLEY. 40 ILCS 5/5-167.1 from Ch. 108 1/2, par. 5-167.1 40 ILCS 5/5-167.2 from Ch. 108 1/2, par. 5-167.2 30 ILCS 805/8.26 new Amends the Chicago Police Article of the Illinois Pension Code. Compounds the automatic annual increase in retirement annuity. Also increases it to 3%, reduces the minimum age to 55, and removes the 30% maximum increase limitation for all annuitants. Amends the State Mandates Act to require implementation without reimbursement. Effective immediately. PENSION NOTE (Illinois Pension Laws Commission) Based on 12/31/98 membership data, the estimated increase in accrued liability due to HB 4180 is $448.4 million. The increase in normal cost is estimated to be $9.8 million and the annual payment needed to amortize the estimated increase in the accrued liability over 40 years is $22.6 million. There- fore, the estimated 1st year cost of HB 4180 is $32.4 million, or 4.40% of payroll. JAN-30-2002 H FILED WITH CLERK JAN-30-2002 H ADDED AS A JOINT SPONSOR BUGIELSKI JAN-30-2002 H ADDED AS A JOINT SPONSOR CAPPARELLI JAN-30-2002 H ADDED AS A JOINT SPONSOR ACEVEDO JAN-30-2002 H ADDED AS A JOINT SPONSOR BRADLEY JAN-30-2002 H FIRST READING JAN-30-2002 H REFERRED TO HOUSE RULES COMMITTEE RULES FEB-15-2002 H PENSION NOTE FILED FEB-15-2002 H COMMITTEE RULES JAN-07-2003 H SESSION SINE DIE END OF INQUIRY Full Text Bill Summary