92nd General Assembly
Status of HB0408
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 Full Text  Bill Summary

   40 ILCS 5/6-111           from Ch. 108 1/2, par. 6-111                      
   30 ILCS 805/8.25 new                                                        

        Amends the Chicago Firefighter Article of  the  Illinois  Pension      
   Code.    Changes the definition of salary to include duty availability      
   pay.  Allows certain persons to have their salary for pension purposes      
   retroactively adjusted to include  duty  availability  pay  previously      
   received,  upon  payment  of the corresponding employee contributions,      
   without  interest.    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 408 would       
          increase the accrued liability of the Chicago Firefighters'          
          Fund by an estimated $33.0 million. The level dollar annual          
          payment needed to amortize the estimated increase in unfunded        
          liability over 40 years is $2.7 million. The estimated annual        
          increase in normal cost is $1.9 million, or 0.69% of payroll.        
          Therefore, the estimated increase in total annual cost is $4.7       
          million, or 1.69% 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                 MCAULIFFE             
   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 CO-SPONSOR                    ACEVEDO               
   JAN-30-2001  H  ADDED AS A CO-SPONSOR                    BRADLEY               
   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          
   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                                               


 Full Text  Bill Summary