PEN CD-CHICAGO FIRE-LUMP SUM
Summary
Amends the Chicago Firefighter Article of the Illinois Pension Code. Allows certain firemen, at the time of applying for a retirement annuity, to elect to forfeit a portion of their service credit in exchange for a lump sum payment. Provides for calculation of the lump sum payment. Provides for the lump sum payment to be held by the Fund, and provides for the payment of interest. Authorizes withdrawal of one-half of the lump sum one year after retirement and the remainder 2 years after retirement. Amends the State Mandates Act to require implementation without reimbursement. Effective immediately.
Bill status
failed
1 of 4 stages cleared
Introduction
Feb 2008
Committee Review
Floor Vote
Governor
Introduced Feb 14, 2008
Last action Jan 13, 2009
Floor votes
How they voted
No floor votes recorded yet.
Full legislative history
Actions timeline
Total actions
4
Key actions
0
Committee
1
Jan 13, 2009
House · Failed
Session Sine Die
Feb 14, 2008
House · Referred to committee
Referred to Rules Committee
0 primary · 1 co-sponsor
Sponsors
Role
Legislator
Party
State
District
Co
Daniel J. Burke
DDemocratic
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