OSTERMAN, MORROW, HOWARD AND KENNER.
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
Amendments to Bill: AMENDMENTS ADOPTED: HOUSE - 0 SENATE - 0
END OF INQUIRY
Full Text Bill Status