92nd General Assembly
Summary of HB0407
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House Sponsors:

Short description: 
PEN CD-CHGO FIRE-INCR FORMULA                                              

Synopsis of Bill as introduced:
        Amends the Chicago Firefighter Article of  the  Illinois  Pension      
   Code  to  provide  an  increase  in  the  retirement  benefit formula.      
   Provides for 2.5% (rather than 2%) of average salary for each year  of      
   service  beyond  20.   Also makes technical changes.  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 407 would       
          increase the accrued liability of the Chicago Firefighters'          
          Fund by an estimated $24.0 million. The level dollar annual          
          payment needed to amortize the estimated increase in unfunded        
          liability over 40 years is $2.0 million. The estimated annual        
          increase in normal cost is $1.1 million, or 0.39% of payroll.        
          Therefore, the estimated increase in total annual cost is $3.0       
          million, or 1.11% 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


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