92nd General Assembly
Summary of HB1863
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House Sponsors:

Short description: 
PEN CD-CHGO POL-INCR RETMT-80%                                             

Synopsis of Bill as introduced:
        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.                                  
Last action on Bill: SESSION SINE DIE

   Last action date: JAN-07-2003

           Location: House

 Amendments to Bill: AMENDMENTS ADOPTED: HOUSE -   0     SENATE -   0


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