91st General Assembly
Summary of HB3108
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House Sponsors:

Short description: 
PEN CD-CHGO FIRE-80% MAXIMUM                                               

Synopsis of Bill as introduced:
        Amends the Chicago Firefighter Article of  the  Pension  Code  to      
   increase  the maximum retirement annuity, duty disability benefit, and      
   duty death benefit from 75% to 80% of salary.   Also  makes  technical      
   changes.    Amends  the  State  Mandates Act to require implementation      
   without reimbursement.  Effective immediately.                              
          PENSION NOTE (Pension Laws Commission)                               
          HB 3108 would increase the accrued liability of the Chicago          
          Fighters' Fund by an estimated $17.8 million. The level dollar       
          annual payment needed to amortize the estimated increase in          
          unfunded liability over 40 years is $1.5 million. The estimated      
          annual increase in normal cost is $1.0 million, or 0.38% of          
          payroll. Therefore, the estimated increase in total annual cost      
          is $2.5 million, or 0.94% 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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