92nd General Assembly
Summary of HB0409
   [ Home ]   [ Back ]   [ Legislation ]
Please enter a bill number.

 Full Text  Bill Status
House Sponsors:

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


 Full Text  Bill Status