A RETIREMENT FUND DEDICATED TO THOSE WHO ARE THERE FOR OTHERS
Salary throughout this website refers to Career Service Salary and Exempt Rank Salary for participants meeting certain criteria.
Each participant’s total contribution percentage is currently 9 1/8% of salary broken down as follows:
7 1/8% for Firefighter's Annuity
1 1/2% for Spouse's Annuity
3/8 of 1% for the Increment after Retirement (Annuity Increment)
1/8 of 1% for Ordinary Disability Benefits (This is not Refundable)
Beginning January 1, 1999, salary includes the additional compensation payable to firemen by virtue of being licensed as an Emergency Medical Technician (EMT). Beginning January 16, 2004, and for any prior periods for which applicable contributions have been paid, salary shall include the classified career service rank of Ambulance Commander. Beginning January 16, 2004, and for any prior period for which applicable contributions have been paid, pensionable salary shall include duty availability pay received by the participant.
Beginning January 1, 2011, for members hired on or after January 1, 2011, the annual salary shall not exceed $106,800; however that amount shall be increased annually by the lesser of (i) 3% or (ii) 1/2 of the annual unadjusted percentage increase (but not less than zero) in the consumer price index-u in including all previous adjustments. The annual salary cap for 2017 is $112,408.42
As stated in (40 ILCS 5/6-165) (from Ch. 108 1/2, par. 6-165) Sec. 6-165. Financing; tax.: " - Beginning in tax levy year 2015, the city council shall 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 no less than the amount of the city's contribution in each of the following payment years: for 2016, $199,000,000; for 2017, $208,000,000; for 2018, $227,000,000; for 2019, $235,000,000; for 2020, $245,000,000. Beginning in tax levy year 2020, the city council shall 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 no less than (1) the normal cost to the Fund, plus (2) an annual amount sufficient to bring the total assets of the Fund up to 90% of the total actuarial liabilities of the Fund by the end of fiscal year 2055, as annually updated and determined by an enrolled actuary employed by the Illinois Department of Insurance or by an enrolled actuary retained by the Fund or the city. "