Illinois General Assembly - Bill Status for HB5523
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 Bill Status of HB5523  95th General Assembly


House Sponsors
Rep. Daniel J. Burke

Last Action
DateChamber Action
  1/13/2009HouseSession Sine Die

Statutes Amended In Order of Appearance
40 ILCS 5/6-127.5 new
30 ILCS 805/8.32 new

Synopsis As Introduced
Amends the Chicago Firefighter Article of the Illinois Pension Code. Allows certain firemen, at the time of applying for a retirement annuity, to elect to forfeit a portion of their service credit in exchange for a lump sum payment. Provides for calculation of the lump sum payment. Provides for the lump sum payment to be held by the Fund, and provides for the payment of interest. Authorizes withdrawal of one-half of the lump sum one year after retirement and the remainder 2 years after retirement. Amends the State Mandates Act to require implementation without reimbursement. Effective immediately.

DateChamber Action
  2/14/2008HouseFiled with the Clerk by Rep. Daniel J. Burke
  2/14/2008HouseFirst Reading
  2/14/2008HouseReferred to Rules Committee
  1/13/2009HouseSession Sine Die

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