92nd General Assembly
Summary of SB0341
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Senate Sponsors:
RADOGNO.

Short description: 
PEN CD-CHGO POL-25 YRS ANY AGE                                             

Synopsis of Bill as introduced:
        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 SB 341 is $19.6 million. The increase in nor-       
          mal cost is estimated to be $1.8 million and the payment needed      
          to amortize the estimated increase in the accrued liability          
          over 40 years is $0.9 million. Therefore, the estimated in-          
          crease in annual cost in the 1st year due to SB 341 is $0.8          
          million, or 0.12% of payroll. As payroll grows, the annual           
          savings will increase commensurate with payroll.                     
 
Last action on Bill: SESSION SINE DIE

   Last action date: JAN-07-2003

           Location: Senate

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


   END OF INQUIRY 



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