92nd General Assembly
Status of HB4236
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 Full Text  Bill Summary

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

        Amends the Chicago Firefighter Article of  the  Illinois  Pension      
   Code  to  provide  an  increase  in  the  retirement  benefit formula.      
   Provides for 2.5% (rather than 2%) of average salary for each year  of      
   service  beyond  20.   Also makes technical changes.  Amends the State      
   Mandates  Act  to  require   implementation   without   reimbursement.      
   Effective immediately.                                                      
          PENSION NOTE (Illinois Pension Laws Commission)                      
          Based on the December 31, 2000 actuarial valuation, HB 4236          
          would increase the accrued liability of the Chicago Fire-            
          fighters' Fund by an estimated $24.0 million. The level dollar       
          annual payment needed to amortize the estimated increase in          
          unfunded liability over 40 years is $2.0 million. The estimated      
          annual increase in normal cost is $1.1 million, or 0.39% of          
          payroll. Therefore, the estimated increase in total annual           
          cost is $3.0 million, or 1.11% 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                 MENDOZA               
   JAN-30-2002  H  ADDED AS A JOINT SPONSOR                 ACEVEDO               
   JAN-30-2002  H  FIRST READING                                                  
   JAN-30-2002  H  REFERRED TO HOUSE RULES COMMITTEE        RULES                 
   JAN-07-2003  H  SESSION SINE DIE                                               


 Full Text  Bill Summary