PEN CD-CHGO FIRE-INCR FORMULA
Synopsis of Bill as introduced:
Amends the Chicago Firefighter Article of the Illinois Pension
Code to provide an increase in the retirement benefit formula.
Provides for 2.5% (rather than 2%) of average salary for each year of
service beyond 20. Also makes technical changes. Amends the State
Mandates Act to require implementation without reimbursement.
PENSION NOTE (Illinois Pension Laws Commission)
Based on the December 31, 2000 actuarial valuation, HB 4236
would increase the accrued liability of the Chicago Fire-
fighters' Fund by an estimated $24.0 million. The level dollar
annual payment needed to amortize the estimated increase in
unfunded liability over 40 years is $2.0 million. The estimated
annual increase in normal cost is $1.1 million, or 0.39% of
payroll. Therefore, the estimated increase in total annual
cost is $3.0 million, or 1.11% of payroll.
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
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