Synopsis As Introduced Amends the Chicago Firefighter Article of the Illinois Pension Code. Changes the definition of salary to include duty availability pay. Allows certain persons to have their salary for pension purposes retroactively adjusted to include duty availability pay previously received, upon payment of the corresponding employee contributions, without interest. Amends the State Mandates Act to require implementation without reimbursement. Effective immediately.
Pension Note (Pension Laws Commission)
Increased liability is estimated to be $43.5 million. The annual payment needed to amortize the estimated increase over 40 yrs. is $3.5 million. The estimated increase in normal cost is $0.8 million, or 0.27% of payroll. Therefore, the estimated increase in total annual cost is $4.3 million, or 1.55% of payroll.
Deletes everything. Amends the Chicago Firefighters Article of the Illinois Pension Code. Extends the deadline to establish service credit for certain service under the Chicago Municipal Article that had been previously terminated until January 1, 2005. Provides that a fireman who (1) retired on or after January 16, 2004 and on or before the effective date of this amendatory Act of the 93rd General Assembly and (2) files an application to establish service credit for that service under the Chicago Municipal Article before January 1, 2005 shall have his or her pension recalculated prospectively to include the newly established service credit. Amends the State Mandates Act to require implementation without reimbursement. Effective immediately.
Further amends the Chicago Firefighter Article of the Illinois Pension Code. With respect to widow's annuity, removes the restriction that the surviving spouse must have been married to the deceased firefighter before the firefighter began to receive a retirement annuity. Also makes technical changes.