House Sponsors: CAPPARELLI-BUGIELSKI-MCAULIFFE-SAVIANO-BURKE, ACEVEDO, LOPEZ AND LYONS,JOSEPH. Short description: PEN CD-CHGO FIRE-INCR FORMULA Synopsis of Bill as introduced: Amends the Chicago Firefighter Article of the 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. Applies to persons withdrawing from service after December 31, 1999. Also makes technical changes. Amends the State Mandates Act to require implementation without reimbursement. Effective immediately. PENSION NOTE (Pension Laws Commission) HB3096 would increase the accrued liability of the Chicago Firefighters' Fund by an estimated $17.4 million. The level dollar annual payment needed to amortize the estimated increase in unfunded liability over 40 years is $1.4 million. The estimated annual increase in normal cost is $0.7 million, or 0.27% of payroll. The estimated increase in total cost is $2.2 million, or 0.82% of payroll. Last action on Bill: SESSION SINE DIE Last action date: 01-01-09 Location: House Amendments to Bill: AMENDMENTS ADOPTED: HOUSE - 0 SENATE - 0 END OF INQUIRY Full Text Bill Status