CAPPARELLI-BUGIELSKI-LYONS,JOSEPH-MCAULIFFE-BURKE AND OSTERMAN.
40 ILCS 5/6-128 from Ch. 108 1/2, par. 6-128
30 ILCS 805/8.25 new
Amends the Chicago Firefighter Article of the Illinois Pension
Code to provide an increase in the retirement benefit formula.
Provides for 2.5% (rather than 2%) of average salary for each year of
service beyond 20. Also makes technical changes. Amends the State
Mandates Act to require implementation without reimbursement.
PENSION NOTE (Pension Laws Commission)
Based on a December 31, 2000 actuarial valuation, HB 407 would
increase the accrued liability of the Chicago Firefighters'
Fund by an estimated $24.0 million. The level dollar annual
payment needed to amortize the estimated increase in unfunded
liability over 40 years is $2.0 million. The estimated annual
increase in normal cost is $1.1 million, or 0.39% of payroll.
Therefore, the estimated increase in total annual cost is $3.0
million, or 1.11% 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 MCAULIFFE
JAN-30-2001 H ADDED AS A JOINT SPONSOR BURKE
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
OCT-31-2001 H PENSION NOTE FILED
OCT-31-2001 H COMMITTEE RULES
JAN-07-2003 H SESSION SINE DIE
END OF INQUIRY
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