92nd General Assembly
Status of HB4233
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 Full Text  Bill Summary

   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,      
   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 NOTE (Pension Laws Commission)                               
          Based on the December 31, 2000 actuarial valuation, HB 4233          
          would increase the accrued liability of the Chicago Firefigh-        
          ters' 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 increase in total annual cost      
          is $9.2 million, or 3.35% of payroll.                                
   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                 SAVIANO               
   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