92nd General Assembly
Summary of HB0413
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House Sponsors:

Short description: 
PEN CD-CHGO FIRE-80% MAXIMUM                                               

Synopsis of Bill as introduced:
        Amends the Chicago Firefighter Article of  the  Illinois  Pension      
   Code  to  increase  the  maximum  retirement  annuity, duty disability      
   benefit, and duty death benefit from 75% to 80% of salary.  Also makes      
   technical  changes.    Amends  the  State  Mandates  Act  to   require      
   implementation without reimbursement.  Effective immediately.               
          PENSION NOTE (Pension Laws Commission)                               
          Based on the December 31, 2000 actuarial valuation, HB413 would      
          increase the accrued liability of the Chicago Firefighters'          
          Fund by an estimated $15.8 million. The level dollar annual          
          payment needed to amortize the estimated increase in unfunded        
          liability over 40 years is $1.3 million. The estimated annual        
          increase in normal cost is $1.6 million, or 0.58% of payroll.        
          Therefore, the estimated increase in total annual cost is $2.9       
          million, or 1.07% 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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