PEN CD-CHGO FIRE-AVE SALARY
Synopsis of Bill as introduced:
Amends the Chicago Firefighter Article of the Illinois Pension
Code to base retirement benefits on the highest 36 months, rather than
4 years, of salary within the last 10 years of service. Amends the
State Mandates Act to require implementation without reimbursement.
PENSION NOTE (Pension Laws Commission)
Based on a December 31, 2000 actuarial valuation, HB 419 would
increase the accrued liability of the Chicago Firefighters'
Fund by an estimated $17.2 million. The level dollar annual
payment needed to amortize the estimated increase in unfunded
liability over 40 years is $1.4 million. The estimated annual
increase in normal cost is $0.7 million, or 0.26% of payroll.
Therefore, the estimated increase in total annual cost is $2.1
million, or 0.77% of payroll. As annual normal cost increases
(as a dollar amount), the total annual cost will also increase.
Last action on Bill: SESSION SINE DIE
Last action date: JAN-07-2003
Amendments to Bill: AMENDMENTS ADOPTED: HOUSE - 0 SENATE - 0
END OF INQUIRY
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