91st General Assembly
Summary of HB3105
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House Sponsors:

Short description: 
PEN CD-CHGO FIRE-ANNUAL INCR                                               

Synopsis of Bill as introduced:
        Amends the Chicago Firefighter Article of the Pension Code.   For      
   firemen  born  on or after January 1, 1945 and before January 1, 1960,      
   increases the automatic annual increase in retirement  annuity  to  3%      
   and removes the 30% maximum.  Amends the State Mandates Act to require      
   implementation without reimbursement.  Effective immediately.               
          PENSION NOTE (Pension Laws Commission)                               
          HB 3105 would increase the accrued liability of the Chicago          
          Firefighters' Fund by an estimated $43.3 million. The level          
          dollar annual payment needed to amortize the estimated increase      
          in unfunded liability over 40 years is $3.6 million. The esti-       
          mated annual increase in normal cost is $1.5 million, or 0.58%       
          of payroll. Therefore, the estimated increase in total annual        
          cost is $5.1 million, or $1.94% 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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