92nd General Assembly
Status of HB0419
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LYONS,JOSEPH-CAPPARELLI-BRADLEY-BURKE-MCAULIFFE.

   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 base retirement benefits on the highest 36 months, rather than      
   4  years,  of  salary within the last 10 years of service.  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 419 would       
          increase the accrued liability of the Chicago Firefighters'          
          Fund by an estimated $17.2 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 0.26% of payroll.        
          Therefore, the estimated increase in total annual cost is $2.1       
          million, or 0.77% 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                 CAPPARELLI            
   JAN-30-2001  H  ADDED AS A JOINT SPONSOR                 BRADLEY               
   JAN-30-2001  H  ADDED AS A JOINT SPONSOR                 BURKE                 
   JAN-30-2001  H  ADDED AS A JOINT SPONSOR                 MCAULIFFE             
   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          
   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