40 ILCS 5/6-164 from Ch. 108 1/2, par. 6-164
30 ILCS 805/8.26 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,
1960, 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 NOTE (Illinois Pension Laws Commission)
According to an analysis prepared by the Fund's actuary (based
on the December 31, 2000 actuarial valuation), HB 4225 would
increase the accrued liability of the Chicago Firefighters'
Fund by an estimated $121.8 million. The level dollar annual
payment needed to amortize the estimated increase in unfunded
liability over 40 years is $10.0 million. The estimated annual
increase in normal cost is $2.7 million, or 0.98% of payroll.
Therefore, the estimated increase in total annual cost is
$12.6 million, or 4.59% 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 BRADLEY
JAN-30-2002 H ADDED AS A JOINT SPONSOR FRITCHEY
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
END OF INQUIRY
Full Text Bill Summary