House Sponsors: LYONS,JOSEPH-CAPPARELLI-BRADLEY-BURKE-MCAULIFFE. Short description: PEN CD-CHGO FIRE-AVE SALARY Synopsis of Bill as introduced: Amends the Chicago Firefighter Article of the Illinois Pension Code to base retirement benefits on the highest 36 months, rather than 4 years, of salary within the last 10 years of service. 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 419 would increase the accrued liability of the Chicago Firefighters' Fund by an estimated $17.2 million. The level dollar annual payment needed to amortize the estimated increase in unfunded liability over 40 years is $1.4 million. The estimated annual increase in normal cost is $0.7 million, or 0.26% of payroll. Therefore, the estimated increase in total annual cost is $2.1 million, or 0.77% 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