92nd General Assembly
Summary of HB4141
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House Sponsors:

Short description: 
PEN CD-CHGO FIRE-SALARY                                                    

Synopsis of Bill as introduced:
        Amends the Chicago Firefighter Article of  the  Illinois  Pension      
   Code.   Changes the definition of salary to include the full amount of      
   ambulance commander and EMT compensation.  Allows certain  persons  to      
   have  their  salary  for  pension  purposes  retroactively adjusted to      
   include the full amount of ambulance commander compensation previously      
   received, upon payment of the  corresponding  employee  contributions,      
   without   interest.    Amends   the  State  Mandates  Act  to  require      
   implementation without reimbursement.  Effective immediately.               
          PENSION NOTE (Illinois Pension Laws Commission)                      
          Based on the December 31, 2000 actuarial valuation, HB 4141          
          would increase the accrued liability of the Chicago Fire-            
          fighters' Fund by an estimated $4.9 million. The level dollar        
          annual payment needed to amortize the estimated increase in          
          unfunded liability over 40 years is $412,000. The estimated          
          annual increase in normal cost is $460,000, or 0.17% of              
          payroll. Therefore, the estimated increase in total annual           
          cost is $872,000, or 0.32% of 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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