92nd General Assembly
Status of HB4225
   [ Home ]   [ Back ]   [ Legislation ]
Legislation:  
Please enter a bill number.



 Full Text  Bill Summary
LYONS,JOSEPH-CAPPARELLI-BRADLEY-FRITCHEY-BURKE.

   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,      
   1960, 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 4225 would         
          increase the accrued liability of the Chicago Firefighters'          
          Fund by an estimated $121.8 million. The level dollar annual         
          payment needed to amortize the estimated increase in unfunded        
          liability over 40 years is $10.0 million. The estimated annual       
          increase in normal cost is $2.7 million, or 0.98% of payroll.        
          Therefore, the estimated increase in total annual cost is            
          $12.6 million, or 4.59% 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                 BRADLEY               
   JAN-30-2002  H  ADDED AS A JOINT SPONSOR                 FRITCHEY              
   JAN-30-2002  H  ADDED AS A JOINT SPONSOR                 BURKE                 
   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