92nd General Assembly
Summary of HB4254
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House Sponsors:

Short description: 
PEN CD-CHGO FIRE-DROP PLAN                                                 

Synopsis of Bill as introduced:
        Amends the Chicago Firefighter Article of the Illinois Pension         
   Code. Provides for a Deferred Retirement Option Plan, under which a         
   fireman who is at least age 50 with 20 years of service may continue        
   in active service for up to 3 years while having his or her retirement      
   annuity paid into a special account, to be distributed to the fireman       
   upon retirement. Bases the retirement annuity on the fireman's service      
   and salary at the time of joining the DROP plan. Requires termination       
   of service at the end of the DROP plan participation period. Effective      
          PENSION NOTE (Illinois Pension Laws Commission)                      
          There may be a fiscal impact associated with the DROP plan           
          contained in HB 4254, but it has not been determined.                
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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