91st General Assembly
Summary of HB3127
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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.      
   Compounds   the  automatic  annual  increase  in  retirement  annuity.      
   Increases the rate of increase to 3% and removes the 30%  maximum  for      
   all firemen, regardless of date of birth.  For certain firemen with at      
   least  20 years of service, makes the initial annual increase occur on      
   the first anniversary of retirement, regardless of age.    Amends  the      
   State  Mandates  Act  to require implementation without reimbursement.      
   Effective immediately.                                                      
          PENSION NOTE (Pension Laws Commission)                               
          HB 3127 would increase the accrued liability of the Chicago          
          Firefighters' Fund by an estimated $105.0 million. The level         
          dollar annual payment needed to amortize the estimated increase      
          in unfunded liability over 40 years is $8.6 million. The esti-       
          mated annual increase in normal cost is $3.7 million,                
          or 1.42% of payroll. Therefore, the estimated increase in total      
          annual cost is $12.4 million, or 4.72% 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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