91st General Assembly
Summary of HB3099
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House Sponsors:

Short description: 
PEN CD-CHGO FIRE-AVE SALARY                                                

Synopsis of Bill as introduced:
        Amends the Chicago Firefighter Article of  the  Pension  Code  to      
   base  retirement  benefits  on  the  highest  36 months, rather than 4      
   years, of salary within the last 10  years  of  service,  for  persons      
   retiring  on  or after January 1, 2000.  Amends the State Mandates Act      
   to   require   implementation   without   reimbursement.     Effective      
          PENSION NOTE (Pension Laws Commission)                               
          HB 3099 would increase the accrued liability of the Chicago          
          Firefighters' Fund by an estimated $13.1 million. The level          
          dollar annual payment needed to amortize the estimated increase      
          in unfunded liability over 40 years is $1.1 million. The esti-       
          mated annual increase in normal cost is $0.5 million, or 0.19%       
          of payroll. Therefore, the estimated increase in total annual        
          cost is $1.6 million, or 0.60% of payroll.                           
Last action on Bill: SESSION SINE DIE

   Last action date: 01-01-09

           Location: House

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


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