Bill Status of HB 2254   93rd General Assembly

Short Description:  PEN CD-CHGO POL-SALARY

House Sponsors
Rep. Richard T. Bradley-Ralph C. Capparelli-Joseph M. Lyons-Daniel J. Burke-Edward J. Acevedo and Kevin Joyce

Last Action  View All Actions

DateChamber Action
  1/11/2005HouseSession Sine Die

Statutes Amended In Order of Appearance
40 ILCS 5/5-132from Ch. 108 1/2, par. 5-132
30 ILCS 805/8.27 new

Synopsis As Introduced
Amends the Chicago Police Article of the Illinois Pension Code to base retirement benefits on the highest 12 months, rather than 4 years, of salary within the last 10 years of service, for persons retiring after December 31, 2003. 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 2254 is $161.2 million. The increase in normal cost is estimated to be $5.9 million, and the annual payment needed to amortize the estimated increase in the accrued liability over 40 years is $8.2 million. Therefore, the estimated 1st year cost of HB 2254 is $14.1 million or 1.92% of payroll. As payroll grows, the annual cost will increase commensurate with payroll.

 Pension Note (Pension Laws Commission)
 The estimated increase in accrued liability is $161.2 million. The increase in normal cost is $8.1 million, and the annual payment needed to amortize the increase over 40 years is $8.5 million. The estimated 1st year cost of HB2254 is $16.6 million or 1.92% of payroll. As payroll grows the annual cost will grow.

Actions 
DateChamber Action
  2/19/2003HouseFiled with the Clerk by Rep. Richard T. Bradley
  2/19/2003HouseChief Co-Sponsor Rep. Ralph C. Capparelli
  2/19/2003HouseChief Co-Sponsor Rep. Joseph M. Lyons
  2/19/2003HouseChief Co-Sponsor Rep. Daniel J. Burke
  2/19/2003HouseChief Co-Sponsor Rep. Edward J. Acevedo
  2/19/2003HouseFirst Reading
  2/19/2003HouseReferred to Rules Committee
  2/21/2003HouseAssigned to Executive Committee
  2/28/2003HousePension Note Filed
  3/13/2003HouseRule 19(a) / Re-referred to Rules Committee
  4/14/2003HouseAdded Co-Sponsor Rep. Kevin Joyce
  5/19/2003HousePension Note Filed revised
  1/11/2005HouseSession Sine Die

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