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Synopsis As Introduced Amends the Downstate Firefighter Article of the Illinois Pension Code. Provides for a 3% annual increase in pensions to surviving children. Incrementally increases certain minimum retirement, disability, and surviving spouse pensions. Provides that the minimum monthly pension payable to the surviving spouse of a firefighter who died while receiving a retirement pension, including any amount payable on account of children, shall be 100% of the monthly retirement pension that the deceased firefighter was receiving at the time of death, including any annual increases that have accrued. Adds a compounded 3% annual increase for survivor pensions that are payable on January 1, 2004. Amends the State Mandates Act to require implementation without reimbursement. Effective immediately.
Pension Note (Pension Law Commission)
HB 2216 would increase the accrued liability of the funds by $232.0 million. The estimated increase in total annual costs is $18.2 million, or 4.42 % of payroll. The annual cost would increase commensurate with payroll and may vary greatly by employer.
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