92nd General Assembly
Status of HB4197
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 Full Text  Bill Summary

   40 ILCS 5/6-128           from Ch. 108 1/2, par. 6-128                      
   40 ILCS 5/6-140           from Ch. 108 1/2, par. 6-140                      
   40 ILCS 5/6-144           from Ch. 108 1/2, par. 6-144                      
   40 ILCS 5/6-151           from Ch. 108 1/2, par. 6-151                      
   30 ILCS 805/8.26 new                                                        

        Amends the Chicago Firefighter Article of  the  Illinois  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 (Illinois Pension Laws Commission)                      
          According to an analysis prepared by the Fund's actuary (based       
          on the December 31, 2000 actuarial valuation), HB 4197 would         
          increase the accrued liability of the Chicago Firefighters'          
          Fund by an estimated $15.8 million. The level dollar annual          
          payment needed to amortize the estimated increase in unfunded        
          liability over 40 years is $1.3 million. The estimated annual        
          increase in normal cost is $1.6 million, or 0.58% of payroll.        
          Therefore, the estimated increase in total annual cost is            
          $2.9 million, or 1.07% of payroll. As annual normal cost in-         
          creases (as a dollar amount), the total annual cost will also        
   JAN-30-2002  H  FILED WITH CLERK                                               
   JAN-30-2002  H  ADDED AS A JOINT SPONSOR                 CAPPARELLI            
   JAN-30-2002  H  ADDED AS A JOINT SPONSOR                 BUGIELSKI             
   JAN-30-2002  H  ADDED AS A JOINT SPONSOR                 BRADLEY               
   JAN-30-2002  H  ADDED AS A JOINT SPONSOR                 BURKE                 
   JAN-30-2002  H  FIRST READING                                                  
   JAN-30-2002  H  REFERRED TO HOUSE RULES COMMITTEE        RULES                 
   FEB-15-2002  H                        PENSION NOTE FILED                       
   FEB-15-2002  H                   COMMITTEE               RULES                 
   JAN-07-2003  H  SESSION SINE DIE                                               


 Full Text  Bill Summary