92nd General Assembly
Summary of HB0419
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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


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