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) Based on 12/31/98 membership data, the estimated increase in accrued liability due to SB 1596 is $19.6 million. The increase in normal cost is estimated to be $1.8 million and the payment needed to amortize the estimated increase in the accrued lia- bility over 40 years is $0.9 million. Therefore, the estimated increase in annual cost in the 1st year due to SB 1596 is $0.8 million, or 0.12% of 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 Full Text Bill Status