093_SB0892

 
                                     LRB093 08033 EFG 08232 b

 1        AN ACT in relation to public employee benefits.

 2        Be it enacted by the People of  the  State  of  Illinois,
 3    represented in the General Assembly:

 4        Section  5.   The  Illinois  Pension  Code  is amended by
 5    adding Section 1-117.1 as follows:

 6        (40 ILCS 5/1-117.1 new)
 7        Sec. 1-117.1. Maximum annuity.  Notwithstanding any other
 8    provision of this Code, for a  person  who  first  begins  to
 9    participate in a pension fund or retirement system subject to
10    this Code on or after the effective date of this Section, the
11    total  retirement or disability retirement annuity payable by
12    that  pension  fund  or  retirement  system,  including   any
13    automatic,  one-time, or other increases in that annuity that
14    are otherwise provided under this Code, shall not ever exceed
15    $75,000 per year.

16        Section 99. Effective date.  This Act takes  effect  upon
17    becoming law.