Illinois General Assembly - Bill Status for HB4652

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Bill Status of HB4652 95th General Assembly

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Short Description: PEN CD-ART 4-40 YEAR AMORTIZTN

House Sponsors
Rep. David R. Leitch

Last Action

Date	Chamber	Action
1/13/2009	House	Session Sine Die

Statutes Amended In Order of Appearance

40 ILCS 5/4-118

from Ch. 108 1/2, par. 4-118

Synopsis As Introduced
Amends the Downstate Firefighter Article of the Illinois Pension Code. In provisions concerning the financing, provides that the annual actuarial requirements of the pension fund are equal to (1) the normal cost of the pension fund, or 17.5% of the salaries and wages to be paid to firefighters for the year involved, whichever is greater, plus (2) the annual amount necessary to amortize the fund's unfunded accrued liabilities over a period of 40 years from July 1, 2008 (was, from July 1, 1993), as annually updated and determined by an enrolled actuary employed by the Department of Financial and Professional Regulation (was, the Illinois Department of Insurance) or by an enrolled actuary retained by the pension fund or the municipality. Effective immediately.

Actions

Date	Chamber	Action
1/29/2008	House	Filed with the Clerk by Rep. David R. Leitch
1/30/2008	House	First Reading
1/30/2008	House	Referred to Rules Committee
1/13/2009	House	Session Sine Die

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