92nd General Assembly
Status of SB0345
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 Full Text  Bill Summary
RADOGNO.

   40 ILCS 5/5-136.2 new                                                       
   30 ILCS 805/8.25 new                                                        

        Amends the Chicago Police Article of the Illinois  Pension  Code.      
   Provides   a   compounded  3%  annual  increase  in  surviving  spouse      
   annuities. 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 SB 345 is $110.9 million. The increase      
          in normal cost is estimated to be $1.2 million and the annual        
          payment needed to amortize the estimated increase in the             
          accrued liability over 40 years is $5.5 million. Therefore,          
          the estimated 1st year cost of SB 345 is $6.7 million, or            
          0.91% of payroll. As payroll grows, the annual cost will             
          increase commensurate with payroll.                                  
   FEB-20-2001  S  FIRST READING                                                  
   FEB-20-2001  S  REFERRED TO SENATE RULES COMMITTEE       RULES                 
   FEB-21-2001  S       ASSIGNED TO COMMITTEE               INS & PENS.           
   MAR-06-2001  S       TO SUBCOMMITTEE                                           
   MAR-30-2001  S                        PENSION NOTE FILED AS INTRODUCED         
   MAR-31-2001  S  RE-REFERRED TO RULES COMM/RULE 3-9(A)    RULES                 
   JAN-07-2003  S  SESSION SINE DIE                                               

   END OF INQUIRY 



 Full Text  Bill Summary