92nd General Assembly
Status of HB4241
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 Full Text  Bill Summary

   40 ILCS 5/6-141.1         from Ch. 108 1/2, par. 6-141.1                    
   30 ILCS 805/8.26 new                                                        

        Amends the Chicago Firefighter Article of  the  Illinois  Pension      
   Code.   For  the  surviving spouses of certain firefighters, increases      
   the widow's annuity from 50% to  60%  of  the  deceased  firefighter's      
   retirement  annuity.   Provides  a  widow's  annuity for the surviving      
   spouse of a  firefighter  who  dies  before  beginning  to  receive  a      
   retirement annuity, but after separation from service with at least 20      
   years  of service credit, if the separation occurs on or after January      
   1, 1990 and before attainment of age 50.  Amends  the  State  Mandates      
   Act  to  require  implementation  without  reimbursement.    Effective      
          PENSION NOTE (Illinois Pension Laws Commission)                      
          Based on the December 31, 1998 actuarial valuation, HB 4241          
          would increase the accrued liability of the Chicago Firefigh-        
          ter's Fund by an estimated $43.1 million. The level dollar           
          annual payment needed to amortize the estimated increase in          
          unfunded liability over 40 years is $3.5 million. The estimated      
          increase in normal cost is $0.6 million, or 0.23% of payroll.        
          Therefore, the estimated increase in total annual cost is $4.1       
          million, or 1.51% of payroll.                                        
   JAN-30-2002  H  FILED WITH CLERK                                               
   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