HB 3345

Abstract

Amends the Chicago Firefighter Article of the Illinois Pension Code. Provides that the minimum widow's annuity for the surviving spouse of a fireman who first became a participant before January 1, 2011 is 50% of the fireman's earned annuity on the date of death. Provides that act of duty annuities are not payable to the spouse of a fireman if the fireman was receiving disability benefits when he or she died but died of an intervening illness or injury unrelated to the injury or illness that prevented him or her from returning to service. Requires the city council to levy a tax annually at a rate on the dollar of the assessed valuation of all taxable property that will produce when extended an annual amount that is equal to (1) the normal cost to the Fund, plus (2) an annual amount sufficient to bring the total assets of the Fund up to 60% of the total actuarial liabilities of the Fund by the end of fiscal year 2035, 80% by the end of fiscal year 2055, and 90% by the end of 2065 (instead of 90% by the end of 2040). Provides that firemen who first became participants before January 1, 2011 are eligible for 3% automatic annual increases. Requires additional employee contributions. Authorizes automatic annual increases in the annuities of widows of firemen who first became participants before January 1, 2011. Reduces the amount of annuities awarded to spouses, children, and parents of firemen who first became or become participants after January 1, 2011. Amends the State Mandates Act to require implementation without reimbursement.