91st General Assembly Summary of HB3371    [ Home ]   [ Back ]   [ Legislation ]

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

Short description: 
PEN CD-CHGO POL-TAX MULTIPLIER                                             

Synopsis of Bill as introduced:
        Amends the Chicago Police Article of the Pension Code to increase      
   the multiplier used to calculate the maximum  allowable  pension  tax,      
   from 2.00 to 2.26.  Effective immediately.                                  
          PENSION NOTE (Pension Laws Commission)                               
          HB 3371 would significantly increase the annual employer             
          contributions to the Fund. Employer contributions in FY 1998,        
          from a tax multiplier of 2.00, totaled $118.2 million. A tax         
          multiplier of 2.26 would increase that amount to approximately       
          $133.6 million.                                                      
 
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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