SAVIANO AND OSTERMAN.
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
END OF INQUIRY
Full Text Bill Summary