PEN CD-CHGO FIRE-80% MAXIMUM
Synopsis of Bill as introduced:
Amends the Chicago Firefighter Article of the Illinois Pension
Code to increase the maximum retirement annuity, duty disability
benefit, and duty death benefit from 75% to 80% of salary. Also makes
technical changes. Amends the State Mandates Act to require
implementation without reimbursement. Effective immediately.
PENSION NOTE (Illinois Pension Laws Commission)
According to an analysis prepared by the Fund's actuary (based
on the December 31, 2000 actuarial valuation), HB 4197 would
increase the accrued liability of the Chicago Firefighters'
Fund by an estimated $15.8 million. The level dollar annual
payment needed to amortize the estimated increase in unfunded
liability over 40 years is $1.3 million. The estimated annual
increase in normal cost is $1.6 million, or 0.58% of payroll.
Therefore, the estimated increase in total annual cost is
$2.9 million, or 1.07% 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