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Synopsis As Introduced Amends the Downstate Firefighter Article of the Illinois Pension Code. Provides that, in July 2009, the monthly pension of a firefighter who retired before January 1, 1977 shall be recalculated and increased to reflect the amount that the firefighter would have received in July 2009 had the firefighter been receiving a 3% compounded increase for each year he or she received pension payments. In each January thereafter, provides that he or she shall receive an additional increase of 3% of the amount of the pension then being paid. Amends the State Mandates Act to require implementation without reimbursement. Effective immediately.
House Floor Amendment No. 3 Provides that the monthly pension of a firefighter who retired before July 1, 1977 shall be recalculated and increased to reflect the amount that the firefighter would have received in July 2009 had the firefighter been receiving a 3% compounded increase for each year he or she received pension payments after January 1, 1986, plus any increases in pension received for each year prior to January 1, 1986.
The Commission's actuary has completed a cost study of HB 1041 (H-AM 3). The results for all Downstate fire pension funds available are as follows: (1) Increase in total actuarial liability = $3,859,000.00; (2) Increase in total annual costs = $237,000.00; (3) Total retirees impacted = 100.
The Commission's actuary has completed a cost study of HB 1041. The results for all Downstate fire pension funds available are as follows: (1) Increase in total actuarial liability = $4,964,000.00; (2) Increase in total annual costs = $305,000.00; (3) Total retirees impacted = 100.
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