92nd General Assembly
Status of HB4253
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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.      
   Increases the rate of increase to 3% and removes the 30%  maximum  for      
   all firemen, regardless of date of birth.  For certain firemen with at      
   least  20 years of service, makes the initial annual increase occur on      
   the first anniversary of retirement, regardless of age.    Amends  the      
   State  Mandates  Act  to require implementation without reimbursement.      
   Effective immediately.                                                      
          PENSION NOTE (Illinois Pension Laws Commission)                      
          Based on the December 31, 1998 actuarial valuation, HB 4253          
          would increase the accrued liability of the Chicago Firefigh-        
          ter's Fund by an estimated $139.8 million. The level dollar          
          annual payment needed to amortize the estimated increase in          
          unfunded liability over 40 years is $11.5 million. The esti-         
          mated increase in normal cost is $4.4 million, or 1.59% of           
          payroll. Therefore, the estimated increase in total annual           
          cost is $15.8 million, or 5.75% of payroll.                          
   JAN-30-2002  H  FILED WITH CLERK                                               
   JAN-30-2002  H  ADDED AS A JOINT SPONSOR                 BURKE                 
   JAN-30-2002  H  ADDED AS A JOINT SPONSOR                 LYONS,JOSEPH          
   JAN-30-2002  H  ADDED AS A JOINT SPONSOR                 CAPPARELLI            
   JAN-30-2002  H  ADDED AS A JOINT SPONSOR                 BUGIELSKI             
   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