House Sponsors: MCAULIFFE-CAPPARELLI-SAVIANO. Short description: PEN CD-CHGO FIRE-ANNUAL INCR Synopsis of Bill as introduced: Amends the Chicago Firefighter Article of the Illinois Pension Code. Compounds the automatic annual increase in retirement annuity. For firemen born on or after January 1, 1945 and before January 1, 1955, 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 (Pension Laws Commission) Based on the December 31, 2000 actuarial valuation, HB 4233 would increase the accrued liability of the Chicago Firefigh- ters' Fund by an estimated $93.4 million. The level dollar annual payment needed to amortize the estimated increase in unfunded liability over 40 years is $7.6 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 $9.2 million, or 3.35% 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 END OF INQUIRY Full Text Bill Status