CAPPARELLI-LYONS,JOSEPH-BUGIELSKI-BURKE-ACEVEDO AND BRADLEY.
PEN CD-CHGO FIRE-WIDOW MINIMUM
Synopsis of Bill as introduced:
Amends the Chicago Firefighter Article of the Illinois Pension
Code. Increases the minimum widow's annuity to $1,000 per month on
January 1, 2003 and to $1,200 per month on January 1, 2004 for all
surviving spouses. Amends the State Mandates Act to require
implementation without reimbursement. Effective immediately.
PENSION NOTE (Illinois Pension Laws Commission)
The fiscal impact of HB 4142 has not been determined. According
to the Fund's actuary, similar legislation would increase the
accrued liability of the Fund by an estimated $32.6 million.
The level dollar annual payment needed to amortize this es-
timated increase in unfunded liability over 40 years is $2.2
million. There is no increase in normal cost associated with
HB 4142, as it only affects current widows.
Last action on Bill: SESSION SINE DIE
Last action date: JAN-07-2003
Amendments to Bill: AMENDMENTS ADOPTED: HOUSE - 0 SENATE - 0
END OF INQUIRY
Full Text Bill Status