91st General Assembly
Summary of HB3170
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House Sponsors:

Short description: 
PEN CD-CHGO FIRE-SALARY                                                    

Synopsis of Bill as introduced:
        Amends the Chicago  Firefighter  Article  of  the  Pension  Code.      
   Changes  the  definition  of  salary to include duty availability pay.      
   Allows certain persons to  have  their  salary  for  pension  purposes      
   retroactively  adjusted  to  include  duty availability pay previously      
   received, upon payment of the  corresponding  employee  contributions,      
   without   interest.     Amends  the  State  Mandates  Act  to  require      
   implementation without reimbursement.  Effective immediately.               
          PENSION NOTE (Pension Laws Commission)                               
          HB 3170 would increase the accrued liability of the Chicago          
          Firefighters' Fund by an estimated $10.2 million. The level          
          dollar annual payment needed to amortize the estimated increase      
          in unfunded liability over 40 years is $0.9 million. The esti-       
          mated annual increase in normal cost is $2.3 million,                
          or 0.87% of payroll. Therefore, the estimated increase in total      
          annual cost is $3.2 million, or 1.22% of payroll. Although           
          there will be a fiscal impact in allowing certain members to         
          make contributions for past duty availability pay and have           
          their annuity recalculated, this impact has not been deter-          
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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