PEN CD-ART 4-RECALCULATION House SponsorsRep. Donald L. Moffitt-Mike Smiddy 12/3/2014HouseSession Sine Die 40 ILCS 5/4-109.1from Ch. 108 1/2, par. 4-109.130 ILCS 805/8.37 new Amends the Downstate Firefighter Article of the Illinois Pension Code. Provides that, in July 2013, the monthly pension of a firefighter who retired on or before January 1, 1986 shall be recalculated and increased to reflect the amount that the firefighter would have received in July 2013 had the firefighter been receiving a 3% compounded increase for each year he or she received pension payments after January 1, 1986, plus any increases in pension received for each year prior to January 1, 1986. In each January thereafter, provides that he or she shall receive an additional increase of 3% of the amount of the pension then being paid. Amends the State Mandates Act to require implementation without reimbursement. Effective immediately.Pension Note (Government Forecasting & Accountability) The fiscal impact of HB 2711 has not been calculated as the precise number of affected retirees is unknown. The Illinois Department of Insurance estimates that between 23 and 314 retirees would be impacted by this bill. A similar bill from 2009, HB 1041, was reviewed by the Commission's actuary; that bill would have granted 3% compounded COLA's to firefighters who retired before 1977. At that time, there were 100 pre-1977 retirees eligible for the benefit, and the actuary found that granting the post-1986 3% compounded COLA to these retirees would have increased total statewide actuarial liabilities by $3.8 million. 2/21/2013HouseFiled with the Clerk by Rep. Donald L. Moffitt 2/21/2013HouseFirst Reading 2/21/2013HouseReferred to Rules Committee 3/4/2013HouseAssigned to Personnel and Pensions Committee 3/13/2013HousePension Note Filed 3/22/2013HouseRule 19(a) / Re-referred to Rules Committee 4/11/2013HouseAdded Chief Co-Sponsor Rep. Mike Smiddy 12/3/2014HouseSession Sine Die