House Sponsors: CAPPARELLI-BUGIELSKI-SAVIANO-BURKE- BRADLEY AND MCAULIFFE. Short description: PEN CD-CHGO FIRE-ANNUAL INCR Synopsis of Bill as introduced: Amends the Chicago Firefighter Article of the Illinois Pension Code. Compounds the automatic annual increase in retirement annuity. Increases the rate of increase to 3% and removes the 30% maximum for all firemen, regardless of date of birth. For certain firemen with at least 20 years of service, makes the initial annual increase occur on the first anniversary of retirement, regardless of age. 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 409 would increase the accrued liability of the Chicago Firefighters' Fund by an estimated $139.8 million. The level dollar annual payment needed to amortize the estimated increase in unfunded liability over 40 years is $11.5 million. The estimated annual increase in normal cost is $4.4 million, or 1.59% of payroll. Therefore, the estimated increase in total annual cost is $15.8 million, or 5.75% 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 END OF INQUIRY Full Text Bill Status