92nd General Assembly
Summary of HB4253
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House Sponsors:

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.      
   Increases the rate of increase to 3% and removes the 30%  maximum  for      
   all firemen, regardless of date of birth.  For certain firemen with at      
   least  20 years of service, makes the initial annual increase occur on      
   the first anniversary of retirement, regardless of age.    Amends  the      
   State  Mandates  Act  to require implementation without reimbursement.      
   Effective immediately.                                                      
          PENSION NOTE (Illinois Pension Laws Commission)                      
          Based on the December 31, 1998 actuarial valuation, HB 4253          
          would increase the accrued liability of the Chicago Firefigh-        
          ter's Fund by an estimated $139.8 million. The level dollar          
          annual payment needed to amortize the estimated increase in          
          unfunded liability over 40 years is $11.5 million. The esti-         
          mated increase in normal cost is $4.4 million, or 1.59% of           
          payroll. Therefore, the estimated increase in total annual           
          cost is $15.8 million, or 5.75% 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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