92nd General Assembly
Summary of HB0408
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House Sponsors:

Short description: 
PEN CD-CHGO FIRE-SALARY                                                    

Synopsis of Bill as introduced:
        Amends the Chicago Firefighter Article of  the  Illinois  Pension      
   Code.    Changes the definition of salary to include duty availability      
   pay.  Allows certain persons to have their salary for pension purposes      
   retroactively adjusted to include  duty  availability  pay  previously      
   received,  upon  payment  of the corresponding employee contributions,      
   without  interest.    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 408 would       
          increase the accrued liability of the Chicago Firefighters'          
          Fund by an estimated $33.0 million. The level dollar annual          
          payment needed to amortize the estimated increase in unfunded        
          liability over 40 years is $2.7 million. The estimated annual        
          increase in normal cost is $1.9 million, or 0.69% of payroll.        
          Therefore, the estimated increase in total annual cost is $4.7       
          million, or 1.69% 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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