MCAULIFFE AND SAVIANO.
40 ILCS 5/6-128 from Ch. 108 1/2, par. 6-128
40 ILCS 5/6-140 from Ch. 108 1/2, par. 6-140
40 ILCS 5/6-144 from Ch. 108 1/2, par. 6-144
40 ILCS 5/6-151 from Ch. 108 1/2, par. 6-151
30 ILCS 805/8.25 new
Amends the Chicago Firefighter Article of the Illinois Pension
Code to increase the maximum retirement annuity, duty disability
benefit, and duty death benefit from 75% to 80% of salary. Also makes
technical changes. Amends the State Mandates Act to require
implementation without reimbursement. Effective immediately.
PENSION NOTE (Pension Laws Commission)
Based on the December 31, 2000 actuarial valuation, HB413 would
increase the accrued liability of the Chicago Firefighters'
Fund by an estimated $15.8 million. The level dollar annual
payment needed to amortize the estimated increase in unfunded
liability over 40 years is $1.3 million. The estimated annual
increase in normal cost is $1.6 million, or 0.58% of payroll.
Therefore, the estimated increase in total annual cost is $2.9
million, or 1.07% 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 CAPPARELLI
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 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
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