92nd General Assembly
Status of HB4226
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 Full Text  Bill Summary

   40 ILCS 5/6-128.2         from Ch. 108 1/2, par. 6-128.2                    
   30 ILCS 805/8.26 new                                                        

        Amends the Chicago Firefighter Article of  the  Illinois  Pension      
   Code.  Increases the minimum retirement annuity to $1,200 per month on      
   January  1,  2003  and  to  $1,400  on January 1, 2004 for persons who      
   retire at age 50 or over with at least 20 years of  service.    Amends      
   the   State   Mandates   Act   to   require   implementation   without      
   reimbursement.  Effective immediately.                                      
          PENSION NOTE (Illinois Pension Laws Commission)                      
          The fiscal impact of HB 4226 has not been determined. According      
          to the Fund's actuary, similar legislation would increase the        
          accrued liability of the Fund by an estimated $17.4 million.         
          The level dollar annual payment needed to amortize this es-          
          timated increase in unfunded liability over 40 years is $1.2         
          million. There is no increase in normal cost associated with         
          HB 4226, as it only affects current retirees.                        
   JAN-30-2002  H  FILED WITH CLERK                                               
   JAN-30-2002  H  ADDED AS A JOINT SPONSOR                 SAVIANO               
   JAN-30-2002  H  ADDED AS A JOINT SPONSOR                 MCAULIFFE             
   JAN-30-2002  H  ADDED AS A JOINT SPONSOR                 CAPPARELLI            
   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-25-2002  H                        PENSION NOTE FILED                       
   FEB-25-2002  H                   COMMITTEE               RULES                 
   JAN-07-2003  H  SESSION SINE DIE                                               


 Full Text  Bill Summary