BRADLEY AND SAVIANO.
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
END OF INQUIRY
Full Text Bill Summary