Synopsis As Introduced Amends the Downstate Firefighter Article of the Illinois Pension Code. Provides that a firefighter who is receiving a disability pension shall receive the initial automatic annual increase in the January following attainment of age 55 (now age 60). Compounds subsequent increases. Amends the State Mandates Act to require implementation without reimbursement. Effective immediately.
Pension Note (Pension Laws Commission)
Based on 1996 membership data for all Downstate Firefighters' pension funds provided by the Department of Insurance, the Commission's actuary estimated that the acceleration of the automatic increase in duty disability pensions contained in HB 2619 would increase the accrued liability of the funds by $9.3 million. The estimated increase in total annual costs is $1.4 million, or 0.35% of payroll. The annual cost will vary by employer and increase commensurate with payroll.