House Sponsors: SANTIAGO. Short description: PENCD-CHGO FIRE-DISABILITY ETC Synopsis of Bill as introduced: Amends the General Provisions Article of the Illinois Pension Code. Requires every retirement system to provide to its members an annual statement of benefits and contributions and an explanation of the system's unfunded liabilities and funding ratio. Establishes certain procedural requirements for denial of a benefit claim. Amends the Chicago Firefighter Article to provide a retirement formula of 2.5% of final average salary per year of service for persons retiring with at least 10 but less than 20 years of service, to begin no earlier than age 63. Eliminates the money purchase annuity for future entrants. Eliminates the refund of widow's contributions for persons who are unmarried at retirement or attainment of age 63. Requires payment of interest on refunds of unused contributions. Increases the death benefit for firemen dying before retirement but after attainment of age 50. Eliminates the residency requirement for persons on disability. Recognizes marriages entered into while on disability. Provides for ordinary disability benefits during the first 30 days of disability, terminates the automatic deduction of contributions from those benefits, and changes provisions relating to service credit for periods of disability. Allows payment of disability benefits until age 70 1/2. Increases the amount of the occupational disease disability benefit and, for some persons, the ordinary disability benefit. Provides a noncompounded 3% annual increase in widow's, child's, and parent's annuity. Increases the annual increase in retirement annuities to 3% (not compounded) and removes the 30% maximum increase limitation. Changes the vote requirement for board action on benefit applications. Amends the State Mandates Act to require implementation without reimbursement. Effective immediately. PENSION NOTE Fiscal impact has not been determined but will be significant. Last action on Bill: SESSION SINE DIE Last action date: 99-01-12 Location: House Amendments to Bill: AMENDMENTS ADOPTED: HOUSE - 0 SENATE - 0 END OF INQUIRY Full Text Bill Status