91st General Assembly Summary of HB3370    [ Home ]   [ Back ]   [ Legislation ]

Legislation:   Please enter a bill number.

House Sponsors:
CAPPARELLI-LYONS,JOSEPH-BURKE-ACEVEDO, BUGIELSKI, 
   BRADLEY AND MCKEON.

Short description: 
PEN CD-CHGO POL-3% COMPOUNDED                                              

Synopsis of Bill as introduced:
        Amends the Chicago Police Article of the Pension Code.  Compounds      
   the automatic annual increase in retirement annuity, increases  it  to      
   3%   for   all  annuitants,  and  removes  the  30%  maximum  increase      
   limitation.  Amends the State Mandates Act to  require  implementation      
   without reimbursement.  Effective immediately.                              
          PENSION NOTE (Pension Laws Commission)                               
          The estimated increase in accrued liability due to HB 3370 is        
          $448.4 million, with an estimated increase in normal cost of         
          $9.8 million. The estimated 1st year cost is $32.4 million, or       
          4.40% 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 


 Full Text  Bill Status