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,
1955, 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 IMPACT NOTE (Illinois Pensions Laws Commission)
According to an analysis prepared by the Fund's actuary (based
on the December 31, 2000 actuarial valuation), HB 0450 would
increase the accrued liability of the Chicago Firefighters'
Fund by an estimated $93.4 million. The level dollar annual
payment needed to amortize the estimated increase in unfunded
liability over 40 years is $7.6 million. The estimated annual
increase in normal cost is $1.6 million, or 0.58% of payroll.
Therefore, the estimated increased in total annual cost is
$9.2 million, or 3.35% of payroll. As annual normal cost in-
creases (as a dollar amount), the total annual cost will also
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
Full Text Bill Status