BRADLEY-BURKE-LYONS,JOSEPH-CAPPARELLI-BUGIELSKI. 40 ILCS 5/6-164 from Ch. 108 1/2, par. 6-164 30 ILCS 805/8.26 new Amends the Chicago Firefighter Article of the Illinois Pension Code. Compounds the automatic annual increase in retirement annuity. Increases the rate of increase to 3% and removes the 30% maximum for all firemen, regardless of date of birth. For certain firemen with at least 20 years of service, makes the initial annual increase occur on the first anniversary of retirement, regardless of age. Amends the State Mandates Act to require implementation without reimbursement. Effective immediately. PENSION NOTE (Illinois Pension Laws Commission) Based on the December 31, 1998 actuarial valuation, HB 4253 would increase the accrued liability of the Chicago Firefigh- ter's Fund by an estimated $139.8 million. The level dollar annual payment needed to amortize the estimated increase in unfunded liability over 40 years is $11.5 million. The esti- mated increase in normal cost is $4.4 million, or 1.59% of payroll. Therefore, the estimated increase in total annual cost is $15.8 million, or 5.75% of payroll. JAN-30-2002 H FILED WITH CLERK JAN-30-2002 H ADDED AS A JOINT SPONSOR BURKE JAN-30-2002 H ADDED AS A JOINT SPONSOR LYONS,JOSEPH JAN-30-2002 H ADDED AS A JOINT SPONSOR CAPPARELLI JAN-30-2002 H ADDED AS A JOINT SPONSOR BUGIELSKI JAN-30-2002 H FIRST READING JAN-30-2002 H REFERRED TO HOUSE RULES COMMITTEE RULES FEB-15-2002 H PENSION NOTE FILED FEB-15-2002 H COMMITTEE RULES JAN-07-2003 H SESSION SINE DIE END OF INQUIRY Full Text Bill Summary