92nd General Assembly
Summary of HB4226
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House Sponsors:

Short description: 
PEN CD-CHGO FIRE-RETMT MINIMUM                                             

Synopsis of Bill as introduced:
        Amends the Chicago Firefighter Article of  the  Illinois  Pension      
   Code.  Increases the minimum retirement annuity to $1,200 per month on      
   January  1,  2003  and  to  $1,400  on January 1, 2004 for persons who      
   retire at age 50 or over with at least 20 years of  service.    Amends      
   the   State   Mandates   Act   to   require   implementation   without      
   reimbursement.  Effective immediately.                                      
          PENSION NOTE (Illinois Pension Laws Commission)                      
          The fiscal impact of HB 4226 has not been determined. According      
          to the Fund's actuary, similar legislation would increase the        
          accrued liability of the Fund by an estimated $17.4 million.         
          The level dollar annual payment needed to amortize this es-          
          timated increase in unfunded liability over 40 years is $1.2         
          million. There is no increase in normal cost associated with         
          HB 4226, as it only affects current retirees.                        
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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