Senate Sponsors: RADOGNO. 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, 2001. 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 SB 349 is $120.7 million. The increase in normal cost is estimated to be $4.4 million and the annual payment needed to amortize the estimated increase in the accrued liability over 40 years is $6.2 million. Therefore, the estimated 1st year cost of SB 349 is $10.5 million, or 1.46% 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