91st General Assembly Summary of HB0366    [ Home ]   [ Back ]   [ Legislation ]

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House Sponsors:
BURKE-CAPPARELLI-BUGIELSKI-LYONS,JOSEPH-MCAULIFFE AND SAVIANO.

Short description: 
PEN CD-CHGO FIRE-INCR FORMULA                                              

Synopsis of Bill as introduced:
        Amends the Chicago Firefighter Article of the Illinois Pension         
   Code to provide an increase in the retirement benefit formula.              
   Provides for 2.5% (rather than 2%) of average salary for each year of       
   service beyond 20. Applies to persons withdrawing from service after        
   December 31, 1999. Also makes technical changes. Amends the State           
   Mandates Act to require implementation without reimbursement.               
   Effective immediately.                                                      
          PENSION NOTE (Pension Laws Commission)                               
          Increase in accrued liability                     $11.7 million      
          Level dollar annual amortization payment          $ 0.9 million      
          Increase in total annual cost (0.63% of payroll)  $ 1.4 million      
 
Last action on Bill: SESSION SINE DIE

   Last action date: 01-01-09

           Location: House

 Amendments to Bill: AMENDMENTS ADOPTED: HOUSE -   0     SENATE -   0


   END OF INQUIRY 


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