92nd General Assembly
Summary of HB0437
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House Sponsors:

Short description: 
PEN CD-CHGO FIRE-ANNUAL INCR                                               

Synopsis of Bill as introduced:
        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,      
   1950, 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 a December 31, 2000 actuarial valuation, HB 437 would       
          increase the accrued liability of the Chicago Firefighters'          
          Fund by an estimated $60.0 million. The level dollar annual          
          payment needed to amortize the estimated increase in unfunded        
          liability over 40 years is $4.9 million. The estimated annual        
          increase in normal cost is $649,000, or 0.24% of payroll.            
          Therefore, the estimated increase in total annual cost is $5.5       
          million, or 2.00% 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

           Location: House

 Amendments to Bill: AMENDMENTS ADOPTED: HOUSE -   0     SENATE -   0


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