Bill Status of HB 4553   99th General Assembly

Short Description:  PEN CD-CHI FIRE-INCREASE

House Sponsors
Rep. Daniel J. Burke

Last Action  View All Actions

DateChamber Action
  1/10/2017HouseSession Sine Die

Statutes Amended In Order of Appearance
40 ILCS 5/6-128.2from Ch. 108 1/2, par. 6-128.2
40 ILCS 5/6-128.4from Ch. 108 1/2, par. 6-128.4
40 ILCS 5/6-164from Ch. 108 1/2, par. 6-164
30 ILCS 805/8.40 new

Synopsis As Introduced
Amends the Chicago Firefighter Article of the Illinois Pension Code. Provides that any fireman born after December 31, 1954 but before January 1, 1966 shall be entitled to receive 3% automatic annual increases to his or her annuity. Provides that the automatic annual increase is not subject to the 30% maximum. Provides that the initial increase shall be in an amount equal to 3% for each complete year following the date of retirement or attainment of age 55, whichever occurs later. Provides that beginning January 1, 2017, the minimum widow's annuity and minimum retirement annuity payable to any person who has retired from service at age 50 or over with 20 or more years of service and is entitled to receive a retirement annuity under this Article on that date, or who retires from service at age 50 or over with 20 or more years of service after that date, shall be no less than 125% of the Federal Poverty Level. Amends the State Mandates Act to require implementation without reimbursement. Effective immediately.

 Pension Note (Government Forecasting & Accountability)
 According to a cost study performed by the fund's actuary, HB 4553 will result in an increase in Unfunded Liability of $165 million, as well as an increase in the City's Contribution of $13 million by 2017. However, the long-term impact of HB 4553 is significantly smaller. By 2056, Unfunded Liability for the Fund will have only increased by less than $11 million, and the City's Contribution will have increased by approximately $1.6 million. See Appendix A at the end of this note, for a detailed breakdown of the fiscal effects of HB 4553.

Actions 
DateChamber Action
  1/27/2016HouseFiled with the Clerk by Rep. Daniel J. Burke
  1/27/2016HouseFirst Reading
  1/27/2016HouseReferred to Rules Committee
  4/4/2016HouseAssigned to Personnel and Pensions Committee
  4/8/2016HouseCommittee Deadline Extended-Rule 9(b) April 22, 2016
  4/13/2016HousePension Note Filed
  4/21/2016HouseHouse Committee Amendment No. 1 Filed with Clerk by Rep. Daniel J. Burke
  4/21/2016HouseHouse Committee Amendment No. 1 Referred to Rules Committee
  4/22/2016HouseRule 19(a) / Re-referred to Rules Committee
  1/10/2017HouseSession Sine Die

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