SB2512 97TH GENERAL ASSEMBLY

LRB097 14112 JDS 58787 b

97TH GENERAL ASSEMBLY
State of Illinois
2011 and 2012
SB2512

Introduced 10/25/2011, by Sen. Chris Lauzen

SYNOPSIS AS INTRODUCED:

40 ILCS 5/1-117.1 new
40 ILCS 5/1-170 new

Amends the General Provisions Article of the Illinois Pension Code. Provides that the total retirement annuity of a participant in a State-funded retirement system who first became a participant before January 1, 2011 shall not exceed $120,000 per year. Provides that a participant who first became a participant before January 1, 2011 is not eligible to retire from a State-funded retirement system before reaching age 62. Provides that these changes do not apply to a participant who is eligible to retire within 8 years after the effective date of the amendatory Act, regardless of whether the participant actually retires during that period. Effective immediately.

FISCAL NOTE ACT MAY APPLY

PENSION IMPACT NOTE ACT MAY APPLY

A BILL FOR

AN ACT concerning public employee benefits.

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

Section 5. The Illinois Pension Code is amended by adding Section 1-117.1 and 1-170 as follows:

(40 ILCS 5/1-117.1 new)

Sec. 1-117.1. Maximum annuity for participants in State-funded retirement systems. Notwithstanding any other provision of this Code, for a person who is a participant in a retirement system created under Article 2, 14, 15, 16, or 18 of this Code, who is not eligible to retire under that Article within 8 years after the effective date of this Section, and who first became a participant on or before January 1, 2011, the total retirement or disability retirement annuity payable by that retirement system, including any automatic, one-time, or other increases in that annuity that are otherwise provided under this Code, shall not exceed $120,000 per year.

(40 ILCS 5/1-170 new)

Sec. 1-170. Retirement age. Notwithstanding any other provision of this Code, a participant who first became a participant on or before January 1, 2011 is not eligible to retire from a retirement system created under Article 2, 14, 15, 16, or 18 of this Code before reaching age 62. The provisions of this Section do not apply to a participant who is eligible to retire within 8 years after the effective date of this Section, regardless of whether the participant actually retires during that period.

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