Bill Status of HB5523 95th General Assembly
Short Description: PEN CD-CHICAGO FIRE-LUMP SUM
Rep. Daniel J. Burke
| 1/13/2009||House||Session Sine Die|
Statutes Amended In Order of Appearance
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.
|Date||Chamber|| Action|| 2/14/2008||House||Filed with the Clerk by Rep. Daniel J. Burke|| 2/14/2008||House||First Reading|| 2/14/2008||House||Referred to Rules Committee|| 1/13/2009||House||Session Sine Die|