CAPPARELLI-BUGIELSKI-MCAULIFFE-SAVIANO-BURKE, ACEVEDO, LOPEZ AND LYONS,JOSEPH. 40 ILCS 5/6-128 from Ch. 108 1/2, par. 6-128 30 ILCS 805/8.24 new Amends the Chicago Firefighter Article of the Pension Code to provide an increase in the retirement benefit formula. 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, 1999. Also makes technical changes. Amends the State Mandates Act to require implementation without reimbursement. Effective immediately. PENSION NOTE (Pension Laws Commission) HB3096 would increase the accrued liability of the Chicago Firefighters' Fund by an estimated $17.4 million. The level dollar annual payment needed to amortize the estimated increase in unfunded liability over 40 years is $1.4 million. The estimated annual increase in normal cost is $0.7 million, or 0.27% of payroll. The estimated increase in total cost is $2.2 million, or 0.82% of payroll. 00-01-12 H FILED WITH CLERK 00-01-12 H ADDED AS A JOINT SPONSOR BUGIELSKI 00-01-12 H ADDED AS A JOINT SPONSOR MCAULIFFE 00-01-12 H ADDED AS A JOINT SPONSOR SAVIANO 00-01-12 H ADDED AS A JOINT SPONSOR BURKE 00-01-12 H ADDED AS A CO-SPONSOR ACEVEDO 00-01-12 H ADDED AS A CO-SPONSOR BRADLEY 00-01-12 H ADDED AS A CO-SPONSOR LOPEZ 00-01-12 H ADDED AS A CO-SPONSOR LYONS,JOSEPH 00-01-12 H FIRST READING 00-01-12 H REFERRED TO HOUSE RULES COMMITTEE RULES 00-02-28 H PENSION NOTE FILED 00-02-28 H COMMITTEE RULES 01-01-09 H SESSION SINE DIE END OF INQUIRY Full Text Bill Summary