Date	Chamber	Action
1/11/2005	House	Session Sine Die

Statutes Amended In Order of Appearance

40 ILCS 5/6-128

from Ch. 108 1/2, par. 6-128

30 ILCS 805/8.27 new

Synopsis As Introduced
Amends the Chicago Firefighter Article of the Illinois Pension Code to provide an increase in the retirement benefit formula. Provides for 2.5% (rather than 2%) of average salary for each year of service beyond 20. Also makes technical changes. Amends the State Mandates Act to require implementation without reimbursement. Effective immediately.

Pension Note (Pension Laws Commission)

According to an analysis prepared by the Fund's actuary (based on the December 31, 2002 actuarial valuation), HB 379 would increase the accrued liability of the Chicago Firefighters' Fund by an estimated $22.7 million. The level dollar annual payment needed to amortize the estimated increase in unfunded liability over 40 years is $1.9 million. The estimated annual increase in normal cost is $0.8 million, or $0.29% of payroll. Therefore, the estimated increase in total annual cost is $2.7 million, or 0.97% of payroll. As annual normal cost increases (as a dollar amount), the total annual cost will also increase.

Actions 

Date	Chamber	Action
1/29/2003	House	Filed with the Clerk by Rep. Ralph C. Capparelli
1/29/2003	House	Chief Co-Sponsor Rep. Daniel J. Burke
1/29/2003	House	Chief Co-Sponsor Rep. Joseph M. Lyons
1/29/2003	House	Chief Co-Sponsor Rep. Richard T. Bradley
1/29/2003	House	Chief Co-Sponsor Rep. Maria Antonia Berrios
1/29/2003	House	Co-Sponsor Rep. Edward J. Acevedo
1/29/2003	House	Co-Sponsor Rep. John A. Fritchey
1/29/2003	House	Co-Sponsor Rep. Kevin Joyce
1/29/2003	House	Co-Sponsor Rep. Michael P. McAuliffe
1/29/2003	House	Co-Sponsor Rep. Angelo Saviano
1/29/2003	House	First Reading
1/29/2003	House	Referred to Rules Committee
5/19/2003	House	Pension Note Filed
1/11/2005	House	Session Sine Die

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