92nd General Assembly
Summary of HB0516
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House Sponsors:

Short description: 
PENCD-DNST FIRE-SPOUSE 3% INCR                                             

Synopsis of Bill as introduced:
        Amends the Downstate Firefighter Article of the Illinois  Pension      
   Code.  Provides for a 3% annual increase in surviving spouse pensions.      
   Amends  the  State  Mandates  Act  to  require  implementation without      
   reimbursement.  Effective immediately.                                      
          PENSION NOTE (Pension Laws Commission)                               
          HB 516 would increase the accrued liability of the Downstate         
          Firefighters' pension funds by $244.7 million. The resulting         
          increase in total annual cost is estimated to be $16.7 million,      
          or 4.57% of payroll. The increase in accrued liability and           
          annual cost would vary by individual fund and would increase         
          commensurate with payroll.                                           
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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