FRITCHEY-CAPPARELLI-BUGIELSKI-LYONS,JOSEPH-OSTERMAN. 40 ILCS 5/6-164 from Ch. 108 1/2, par. 6-164 30 ILCS 805/8.26 new Amends the Chicago Firefighter Article of the Illinois Pension Code. Compounds the automatic annual increase in retirement annuity. For firemen born on or after January 1, 1945 and before January 1, 1950, increases the automatic annual increase in retirement annuity to 3%, removes the 30% maximum, and permits the initial increase at age 55. Amends the State Mandates Act to require implementation without reimbursement. Effective immediately. PENSION NOTE (Illinois Pension Laws Commission) According to an analysis prepared by the Fund's actuary (based on the December 31, 2000 actuarial valuation), HB 4196 would increase the accrued liability of the Chicago Firefighters' Fund by an estimated $60.0 million. The level dollar annual payment needed to amortize the estimated increase in unfunded liability over 40 years is $4.9 million. The estimated annual increase in normal cost is $649,000, or 0.24% of payroll. Therefore, the estimated increase in total annual cost is $5.5 million, or 2.00% of payroll. As annual normal cost in- creases (as a dollar amount), the total annual cost will also increase. JAN-30-2002 H FILED WITH CLERK JAN-30-2002 H ADDED AS A JOINT SPONSOR CAPPARELLI JAN-30-2002 H ADDED AS A JOINT SPONSOR BUGIELSKI JAN-30-2002 H ADDED AS A JOINT SPONSOR LYONS,JOSEPH JAN-30-2002 H ADDED AS A JOINT SPONSOR OSTERMAN JAN-30-2002 H FIRST READING JAN-30-2002 H REFERRED TO HOUSE RULES COMMITTEE RULES FEB-15-2002 H PENSION NOTE FILED FEB-15-2002 H COMMITTEE RULES JAN-07-2003 H SESSION SINE DIE END OF INQUIRY Full Text Bill Summary