92nd General Assembly
Status of HB0450
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BRADLEY-CAPPARELLI-LYONS,JOSEPH-BUGIELSKI-BURKE.

   40 ILCS 5/6-164           from Ch. 108 1/2, par. 6-164                      
   30 ILCS 805/8.25 new                                                        

        Amends the Chicago Firefighter Article of  the  Illinois  Pension      
   Code.   Compounds the automatic annual increase in retirement annuity.      
   For firemen born on or after January 1, 1945  and  before  January  1,      
   1955, increases the automatic annual increase in retirement annuity to      
   3%,  removes  the 30% maximum, and permits the initial increase at age      
   55.  Amends the State Mandates Act to require  implementation  without      
   reimbursement.  Effective immediately.                                      
          PENSION IMPACT NOTE (Illinois Pensions Laws Commission)              
          According to an analysis prepared by the Fund's actuary (based       
          on the December 31, 2000 actuarial valuation), HB 0450 would         
          increase the accrued liability of the Chicago Firefighters'          
          Fund by an estimated $93.4 million. The level dollar annual          
          payment needed to amortize the estimated increase in unfunded        
          liability over 40 years is $7.6 million. The estimated annual        
          increase in normal cost is $1.6 million, or 0.58% of payroll.        
          Therefore, the estimated increased in total annual cost is           
          $9.2 million, or 3.35% of payroll. As annual normal cost in-         
          creases (as a dollar amount), the total annual cost will also        
          increase.                                                            
   JAN-30-2001  H  FILED WITH CLERK                                               
   JAN-30-2001  H  ADDED AS A JOINT SPONSOR                 CAPPARELLI            
   JAN-30-2001  H  ADDED AS A JOINT SPONSOR                 LYONS,JOSEPH          
   JAN-30-2001  H  ADDED AS A JOINT SPONSOR                 BUGIELSKI             
   JAN-30-2001  H  ADDED AS A JOINT SPONSOR                 BURKE                 
   JAN-30-2001  H  FIRST READING                                                  
   JAN-30-2001  H  REFERRED TO HOUSE RULES COMMITTEE        RULES                 
   FEB-06-2001  H       ASSIGNED TO COMMITTEE               PERS PENSION          
   MAR-16-2001  H  RE-REFERRED TO RULES COMM/RULE 19(A)     RULES         HRUL    
   NOV-06-2001  H                        PENSION NOTE FILED                       
   NOV-06-2001  H                   COMMITTEE               RULES                 
   JAN-07-2003  H  SESSION SINE DIE                                               

   END OF INQUIRY 



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