BURKE-CAPPARELLI-MENDOZA-ACEVEDO. 40 ILCS 5/6-128 from Ch. 108 1/2, par. 6-128 30 ILCS 805/8.26 new 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 (Illinois Pension Laws Commission) Based on the December 31, 2000 actuarial valuation, HB 4236 would increase the accrued liability of the Chicago Fire- fighters' Fund by an estimated $24.0 million. The level dollar annual payment needed to amortize the estimated increase in unfunded liability over 40 years is $2.0 million. The estimated annual increase in normal cost is $1.1 million, or 0.39% of payroll. Therefore, the estimated increase in total annual cost is $3.0 million, or 1.11% of payroll. 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 MENDOZA JAN-30-2002 H ADDED AS A JOINT SPONSOR ACEVEDO JAN-30-2002 H FIRST READING JAN-30-2002 H REFERRED TO HOUSE RULES COMMITTEE RULES JAN-07-2003 H SESSION SINE DIE END OF INQUIRY Full Text Bill Summary