91st General Assembly Summary of HB0204    [ Home ]   [ Back ]   [ Legislation ]

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House Sponsors:
BURKE-CAPPARELLI-BUGIELSKI-ACEVEDO-LOPEZ, 
   BRADLEY AND MCAULIFFE.

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,  1999.      
   Amends  the  State  Mandates  Act  to  require  implementation without      
   reimbursement.  Effective immediately.                                      
          PENSION NOTE (Pension Laws Commission)                               
          Estimated 1st year cost is $9.8 million (1.46% of payroll).          
          PENSION NOTE, REVISED (Pension Laws Commission)                      
          Estimated 1st year cost is $10.5 million (1.46% of payroll).         
 
Last action on Bill: SESSION SINE DIE

   Last action date: 01-01-09

           Location: House

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


   END OF INQUIRY 


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