92nd General Assembly
Summary of SB0345
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Senate Sponsors:
RADOGNO.

Short description: 
PEN CD-CHGO POL-WIDOW INCREASE                                             

Synopsis of Bill as introduced:
        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.                                  
 
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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