Illinois General Assembly - Bill Status for HB0402
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 Bill Status of HB0402  93rd General Assembly

Short Description:  PEN CD-CHGO FIRE-ANNUAL INCR

House Sponsors
Rep. Robert S. Molaro - Joseph M. Lyons - Ralph C. Capparelli - Susana Mendoza - Daniel J. Burke, Edward J. Acevedo, Maria Antonia Berrios, Michael P. McAuliffe, Angelo Saviano, Lou Lang and Robert Rita

Last Action
DateChamber Action
  1/11/2005HouseSession Sine Die

Statutes Amended In Order of Appearance
40 ILCS 5/6-164from Ch. 108 1/2, par. 6-164
30 ILCS 805/8.27 new


Synopsis As Introduced
Amends the Chicago Firefighter Article of the Illinois Pension Code. Compounds the automatic annual increase in retirement annuity. Increases the rate of increase to 3% and removes the 30% maximum for all firemen, regardless of date of birth. For certain firemen with at least 20 years of service, makes the initial annual increase occur on the first anniversary of retirement, regardless of age. Amends the State Mandates Act to require implementation without reimbursement. Effective immediately.

 Pension Note (Pension Laws Commission)
 Increased liability estimated to be $157.3 million. Annual payment needed to amortize increased liability over 40 yrs. is $12.9 million. The increased normal cost is $4.7 million, or 1.70% of payroll. Therefore, the estimated increase in total annual cost is $17.6 million, or 6.34% of payroll. As annual normal costs increase, the total annual cost will also increase.

Actions 
DateChamber Action
  1/29/2003HouseFiled with the Clerk by Rep. Robert S. Molaro
  1/29/2003HouseChief Co-Sponsor Rep. Joseph M. Lyons
  1/29/2003HouseChief Co-Sponsor Rep. Ralph C. Capparelli
  1/29/2003HouseChief Co-Sponsor Rep. Susana Mendoza
  1/29/2003HouseChief Co-Sponsor Rep. Daniel J. Burke
  1/29/2003HouseCo-Sponsor Rep. Edward J. Acevedo
  1/29/2003HouseCo-Sponsor Rep. Maria Antonia Berrios
  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
  2/4/2003HouseAssigned to Executive Committee
  2/6/2003HouseAdded Co-Sponsor Rep. Lou Lang
  2/6/2003HouseAdded Co-Sponsor Rep. Robert Rita
  3/13/2003HouseRule 19(a) / Re-referred to Rules Committee
  5/19/2003HousePension Note Filed
  1/11/2005HouseSession Sine Die

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