90th General Assembly Summary of HB0511    [ Home ]   [ Back ]   [ Legislation ]

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House Sponsors:
DEERING-BOST.

Short description: 
PEN CD-DNST FIRE-INCR FORMULA                                              

Synopsis of Bill as introduced:
        Amends the Downstate Firefighter Article  of  the  Pension  Code.      
   Increases  the  pension formula from 2% to 2.5% of salary for the 21st      
   through 30th year of  service.   Amends  the  State  Mandates  Act  to      
   require implementation without reimbursement.  Effective immediately.       
          PENSION IMPACT NOTE                                                  
           Increase in total actuarial liability                  $32.8 M      
           Increase in total costs                                  3.3 M      
           Increase in total annaul cost as % of payroll            1.09%      
 
Last action on Bill: SESSION SINE DIE

   Last action date: 99-01-12

           Location: House

 Amendments to Bill: AMENDMENTS ADOPTED: HOUSE -   0     SENATE -   0


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