Bill Title: Amends the Chicago Firefighter Article of the Illinois Pension Code. Allows a fireman, prior to retirement on annuity, to elect to take a lesser amount of annuity and provide, with the actuarial value of the amount by which his or her annuity is reduced, a reversionary annuity for a spouse. Provides that a fireman exercising the option to provide a reversionary annuity may not reduce his or her annuity by more than $400 per month or elect to provide a reversionary annuity of less than $100 per month. Provides that a reversionary annuity shall begin on the day following the death of the annuitant and shall continue monthly thereafter until the death of the reversionary annuitant. Provides a method for calculating the amount of the reversionary annuity. Amends the State Mandates Act to require implementation without reimbursement.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2010-02-11 - Referred to Rules Committee [HB6184 Detail]

Text: Latest bill text (Introduced) [HTML]

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