92nd General Assembly
Summary of HB1873
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House Sponsors:

Short description: 
PEN CD-CHGO FIRE-DROP PLAN                                                 

Synopsis of Bill as introduced:
        Amends the Chicago  Firefighter  Article  of  the  Pension  Code.      
   Provides  for a Deferred Retirement Option Plan, under which a fireman      
   who is at least age 50 with 20 years of service may continue in active      
   service for up to 3 years while having his or her  retirement  annuity      
   paid  into  a  special  account, to be distributed to the fireman upon      
   retirement.  Bases the retirement annuity on the fireman's service and      
   salary at the time of joining the DROP plan.  Requires termination  of      
   service at the end of the DROP plan participation period. Amends the        
   State Mandates Act to require implementation without reimbursement.         
   Effective immediately.                                                      
          PENSION IMPACT NOTE (Illinois Pension Laws Commission)               
          There may be a fiscal impact associated with the DROP plan           
          contained in HB 1873, but it has not been determined.                
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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