92nd General Assembly
Summary of HB4236
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House Sponsors:

Short description: 
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.      
   Effective immediately.                                                      
          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

           Location: House

 Amendments to Bill: AMENDMENTS ADOPTED: HOUSE -   0     SENATE -   0


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