92nd General Assembly
Summary of HB0406
   [ Home ]   [ Back ]   [ Legislation ]
Please enter a bill number.

 Full Text  Bill Status
House Sponsors:

Short description: 
PEN CD-CHGO FIRE-WIDOWS 60%                                                

Synopsis of Bill as introduced:
        Amends the Chicago Firefighter Article of  the  Illinois  Pension      
   Code.   For  the  surviving spouses of certain firefighters, increases      
   the widow's annuity from 50% to  60%  of  the  deceased  firefighter's      
   retirement  annuity.   Provides  a  widow's  annuity for the surviving      
   spouse of a  firefighter  who  dies  before  beginning  to  receive  a      
   retirement annuity, but after separation from service with at least 20      
   years  of service credit, if the separation occurs on or after January      
   1, 1990 and before attainment of age 50.  Amends  the  State  Mandates      
   Act  to  require  implementation  without  reimbursement.    Effective      
          PENSION NOTE (Pension Laws Commission)                               
          Based on a December 31, 1998 actuarial valuation, HB 406 would       
          increase the accrued liability of the Chicago Firefighters'          
          Fund by an estimated $6.2 million. The level dollar annual           
          payment needed to amortize the estimated increase in unfunded        
          liability over 40 years is $0.5 million. The estimated annual        
          increase in normal cost is $0.3 million, or 0.10% of payroll.        
          Therefore, the estimated increase in total annual cost is $0.8       
          million, or 0.30% of payroll. As annual normal cost increases        
          (as a dollar amount), the total annual cost will also increase.      
Last action on Bill: SESSION SINE DIE

   Last action date: JAN-07-2003

           Location: House

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


 Full Text  Bill Status