92nd General Assembly
Summary of HB4252
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House Sponsors:

Short description: 
PEN CD-CHGO FIRE-AVE SALARY                                                

Synopsis of Bill as introduced:
        Amends the Chicago Firefighter Article of  the  Illinois  Pension      
   Code to base retirement benefits on the highest 36 months, rather than      
   4  years,  of  salary within the last 10 years of service.  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 4252          
          would increase the accrued liability of the Chicago Fire-            
          fighters' Fund by an estimated $17.2 million. The level dollar       
          annual payment needed to amortize the estimated increase in          
          unfunded liability over 40 years is $1.4 million. The estimated      
          annual increase in normal cost is $0.7 million, or 0.26% of          
          payroll. Therefore, the estimated increase in total annual           
          cost is $2.1 million, or 0.77% 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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