Bill Status of HB 5523   95th General Assembly

Short Description:  PEN CD-CHICAGO FIRE-LUMP SUM

House Sponsors
Rep. Daniel J. Burke

Last Action  View All Actions

DateChamber Action
  1/13/2009HouseSession Sine Die

Statutes Amended In Order of Appearance
40 ILCS 5/6-127.5 new
30 ILCS 805/8.32 new

Synopsis As Introduced
Amends the Chicago Firefighter Article of the Illinois Pension Code. Allows certain firemen, at the time of applying for a retirement annuity, to elect to forfeit a portion of their service credit in exchange for a lump sum payment. Provides for calculation of the lump sum payment. Provides for the lump sum payment to be held by the Fund, and provides for the payment of interest. Authorizes withdrawal of one-half of the lump sum one year after retirement and the remainder 2 years after retirement. Amends the State Mandates Act to require implementation without reimbursement. Effective immediately.

Actions 
DateChamber Action
  2/14/2008HouseFiled with the Clerk by Rep. Daniel J. Burke
  2/14/2008HouseFirst Reading
  2/14/2008HouseReferred to Rules Committee
  1/13/2009HouseSession Sine Die

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