92nd General Assembly
Summary of HB4143
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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.  For firemen born on or after January 1, 1945 and before January      
   1, 1960, 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 (Illinois Pension Laws Commission)                      
          Based on the December 31, 2000 actuarial valuation, HB 4143          
          would increase the accrued liability of the Chicago Firefigh-        
          ters' Fund by an estimated $55.1 million. The level dollar           
          annual payment needed to amortize the estimated increase in          
          unfunded liability over 40 years is $4.5 million. The estimated      
          annual increase in normal cost is $1.7 million, or 0.62% of          
          payroll. Therefore, the estimated increase in total annual cost      
          is $6.2 million, or 2.26% 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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