PEN CD-CHGO FIRE-INCR FORMULA House SponsorsRep. Ralph C. Capparelli-Daniel J. Burke-Joseph M. Lyons-Richard T. Bradley-Maria Antonia Berrios, Edward J. Acevedo, John A. Fritchey, Kevin Joyce, Michael P. McAuliffe and Angelo Saviano 1/11/2005HouseSession Sine Die 40 ILCS 5/6-128from Ch. 108 1/2, par. 6-12830 ILCS 805/8.27 new 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. Also makes technical changes. Amends the State Mandates Act to require implementation without reimbursement. Effective immediately.Pension Note (Pension Laws Commission) According to an analysis prepared by the Fund's actuary (based on the December 31, 2002 actuarial valuation), HB 379 would increase the accrued liability of the Chicago Firefighters' Fund by an estimated $22.7 million. The level dollar annual payment needed to amortize the estimated increase in unfunded liability over 40 years is $1.9 million. The estimated annual increase in normal cost is $0.8 million, or $0.29% of payroll. Therefore, the estimated increase in total annual cost is $2.7 million, or 0.97% of payroll. As annual normal cost increases (as a dollar amount), the total annual cost will also increase. 1/29/2003HouseFiled with the Clerk by Rep. Ralph C. Capparelli 1/29/2003HouseChief Co-Sponsor Rep. Daniel J. Burke 1/29/2003HouseChief Co-Sponsor Rep. Joseph M. Lyons 1/29/2003HouseChief Co-Sponsor Rep. Richard T. Bradley 1/29/2003HouseChief Co-Sponsor Rep. Maria Antonia Berrios 1/29/2003HouseCo-Sponsor Rep. Edward J. Acevedo 1/29/2003HouseCo-Sponsor Rep. John A. Fritchey 1/29/2003HouseCo-Sponsor Rep. Kevin Joyce 1/29/2003HouseCo-Sponsor Rep. Michael P. McAuliffe 1/29/2003HouseCo-Sponsor Rep. Angelo Saviano 1/29/2003HouseFirst Reading 1/29/2003HouseReferred to Rules Committee 5/19/2003HousePension Note Filed 1/11/2005HouseSession Sine Die