92nd General Assembly
Summary of HB0431
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House Sponsors:

Short description: 
PEN CD-CHGO FIRE-SALARY                                                    

Synopsis of Bill as introduced:
        Amends the Chicago Firefighter Article of  the  Illinois  Pension      
   Code.   Changes the definition of salary to include the full amount of      
   ambulance commander and EMT compensation.  Allows certain  persons  to      
   have  their  salary  for  pension  purposes  retroactively adjusted to      
   include the full amount of ambulance commander compensation previously      
   received, upon payment of the  corresponding  employee  contributions,      
   without   interest.    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 431 would       
          increase the accrued liability of the Chicago Firefighters'          
          Fund by an estimated $4.9 million. The level dollar annual           
          payment needed to amortize the estimated increase in unfunded        
          liability over 40 years is $412,000. The estimated annual            
          increase in normal cost is $460,000, or 0.17% of payroll.            
          Therefore, the estimated increase in total annual cost is            
          $872,000, or 0.32% 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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