92nd General Assembly
Summary of HB0254
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House Sponsors:
MADIGAN,MJ-DANIELS-CAPPARELLI-DAVIS,MONIQUE-ACEVEDO, 
   MENDOZA, DELGADO, LYONS,JOSEPH, COLLINS, GILES, BUGIELSKI AND SOTO.

Senate Sponsors:
MADIGAN,R-PHILIP-ROSKAM-MOLARO-LIGHTFORD

Short description: 
PEN CD-CHGO FIRE-WIDOW ANNUITY                                             

Synopsis of Bill as introduced:
        Amends the Chicago Firefighter Article of  the  Illinois  Pension      
   Code.    Removes  a provision that decreases the duty death annuity on      
   the date when  the  deceased  fireman  would  have  reached  mandatory      
   retirement age; makes the resulting increase retroactive to January 1,      
   2001.  Amends the State Mandates Act to require implementation without      
   reimbursement.  Effective immediately.                                      
          PENSION NOTE (Pension Laws Commission)                               
          Based on the December 31, 1999 actuarial valuation, HB 254           
          would increase the accrued liability of the Fund by an esti-         
          mated $18.3 million. The level dollar annual payment needed to       
          amortize the estimated increase in unfunded liability over 40        
          years is $1.5 million. The estimated annual increase in normal       
          cost is $0.2 million (0.08% of payroll).  Therefore, the esti-       
          mated increase in total annual cost is $2.7 million, or 0.63%        
          of payroll.                                                          
 
Last action on Bill: PUBLIC ACT.............................. 92-0050

   Last action date: JUL-12-2001

           Location: House

 Amendments to Bill: AMENDMENTS ADOPTED: HOUSE -   0     SENATE -   0


   END OF INQUIRY 



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