92nd General Assembly
Status of HB0407
   [ Home ]   [ Back ]   [ Legislation ]
Legislation:  
Please enter a bill number.



 Full Text  Bill Summary
CAPPARELLI-BUGIELSKI-LYONS,JOSEPH-MCAULIFFE-BURKE AND OSTERMAN.

   40 ILCS 5/6-128           from Ch. 108 1/2, par. 6-128                      
   30 ILCS 805/8.25 new                                                        

        Amends the Chicago Firefighter Article of  the  Illinois  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.   Also makes technical changes.  Amends the State      
   Mandates  Act  to  require   implementation   without   reimbursement.      
   Effective immediately.                                                      
          PENSION NOTE (Pension Laws Commission)                               
          Based on a December 31, 2000 actuarial valuation, HB 407 would       
          increase the accrued liability of the Chicago Firefighters'          
          Fund by an estimated $24.0 million. The level dollar annual          
          payment needed to amortize the estimated increase in unfunded        
          liability over 40 years is $2.0 million. The estimated annual        
          increase in normal cost is $1.1 million, or 0.39% of payroll.        
          Therefore, the estimated increase in total annual cost is $3.0       
          million, or 1.11% of payroll. As annual normal cost increases        
          (as a dollar amount), the total annual cost will also increase.      
   JAN-30-2001  H  FILED WITH CLERK                                               
   JAN-30-2001  H  ADDED AS A JOINT SPONSOR                 BUGIELSKI             
   JAN-30-2001  H  ADDED AS A JOINT SPONSOR                 LYONS,JOSEPH          
   JAN-30-2001  H  ADDED AS A JOINT SPONSOR                 MCAULIFFE             
   JAN-30-2001  H  ADDED AS A JOINT SPONSOR                 BURKE                 
   JAN-30-2001  H  FIRST READING                                                  
   JAN-30-2001  H  REFERRED TO HOUSE RULES COMMITTEE        RULES                 
   FEB-06-2001  H       ASSIGNED TO COMMITTEE               PERS PENSION          
   FEB-08-2001  H  ADDED AS A CO-SPONSOR                    OSTERMAN              
   MAR-16-2001  H  RE-REFERRED TO RULES COMM/RULE 19(A)     RULES         HRUL    
   OCT-31-2001  H                        PENSION NOTE FILED                       
   OCT-31-2001  H                   COMMITTEE               RULES                 
   JAN-07-2003  H  SESSION SINE DIE                                               

   END OF INQUIRY 



 Full Text  Bill Summary