92nd General Assembly
Status of HB0405
   [ Home ]   [ Back ]   [ Legislation ]
Please enter a bill number.

 Full Text  Bill Summary

   30 ILCS 805/8.25 new                                                        
   40 ILCS 5/6-164           from ch. 108 1/2, par. 6-164                      

        Amends the Chicago Firefighter Article of  the  Illinois  Pension      
   Code.  For firemen born on or after January 1, 1945 and before January      
   1, 1960, increases the automatic annual increase in retirement annuity      
   to  3%,  removes  the 30% maximum, and permits the initial increase at      
   age 55.  Amends the  State  Mandates  Act  to  require  implementation      
   without reimbursement.  Effective immediately.                              
          PENSION NOTE (Pension Laws Commission)                               
          Based on a December 31, 2000 actuarial valuation, HB 405 would       
          increase the accrued liability of the Chicago Firefighters'          
          Fund by an estimated $55.1 million. The level dollar annual          
          payment needed to amortize the estimated increase in unfunded        
          liability over 40 years is $4.5 million. The estimated annual        
          increase in normal cost is $1.7 million, or 0.62% of payroll.        
          Therefore, the estimated increase in total annual cost is $6.2       
          million, or 2.26% of payroll. As annual normal cost increases        
          (as a dollar amount), the total annual cost will also increase.      
   JAN-30-2001  H  FILED WITH CLERK                                               
   JAN-30-2001  H  ADDED AS A JOINT SPONSOR                 BUGIELSKI             
   JAN-30-2001  H  ADDED AS A JOINT SPONSOR                 LYONS,JOSEPH          
   JAN-30-2001  H  ADDED AS A JOINT SPONSOR                 BURKE                 
   JAN-30-2001  H  ADDED AS A JOINT SPONSOR                 BRADLEY               
   JAN-30-2001  H  ADDED AS A CO-SPONSOR                    MCAULIFFE             
   JAN-30-2001  H  ADDED AS A CO-SPONSOR                    SAVIANO               
   JAN-30-2001  H  FIRST READING                                                  
   JAN-30-2001  H  REFERRED TO HOUSE RULES COMMITTEE        RULES                 
   FEB-06-2001  H       ASSIGNED TO COMMITTEE               PERS PENSION          
   FEB-08-2001  H  ADDED AS A CO-SPONSOR                    OSTERMAN              
   MAR-16-2001  H  RE-REFERRED TO RULES COMM/RULE 19(A)     RULES         HRUL    
   NOV-06-2001  H                        PENSION NOTE FILED                       
   NOV-06-2001  H                   COMMITTEE               RULES                 
   JAN-07-2003  H  SESSION SINE DIE                                               


 Full Text  Bill Summary