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90_HB2599 40 ILCS 5/5-136.2 new 30 ILCS 805/8.22 new Amends the Chicago Police Article of the Illinois Pension Code. Provides a compounded 3% annual increase in surviving spouse annuities. Amends the State Mandates Act to require implementation without reimbursement. Effective immediately. LRB9009037EGfg LRB9009037EGfg 1 AN ACT to amend the Illinois Pension Code by adding 2 Section 5-136.2 and to amend the State Mandates Act. 3 Be it enacted by the People of the State of Illinois, 4 represented in the General Assembly: 5 Section 5. The Illinois Pension Code is amended by 6 adding Section 5-136.2 as follows: 7 (40 ILCS 5/5-136.2 new) 8 Sec. 5-136.2. Annual increase in widow's annuity. 9 (a) Except as provided in subsection (c), each widow's 10 annuity payable under this Article shall be increased by 3% 11 of the original fixed amount of the annuity on the later of 12 (1) January 1, 1999, or (2) the January 1 occurring on or 13 next following the first anniversary of the granting of the 14 annuity. On each January 1 following the initial increase 15 under this subsection, each widow's annuity payable under 16 this Article shall be increased by an amount equal to 3% of 17 the current amount of the annuity, including any previous 18 increases under this Section. 19 (b) The limitations on the maximum amount of widow's 20 annuity imposed under Section 5-148 and the provisions of 21 this Article on fixation of the amount of widow's annuity do 22 not apply to the annual increases provided under this 23 Section. The increases provided under this Section apply 24 without regard to whether or not the deceased employee was in 25 service on or after the effective date of this amendatory Act 26 of 1998. 27 (c) The increases provided in this Section do apply to a 28 compensation or supplemental annuity under Section 5-144. 29 The increases provided in this Section do not apply to a 30 reversionary or term annuity. -2- LRB9009037EGfg 1 Section 90. The State Mandates Act is amended by adding 2 Section 8.22 as follows: 3 (30 ILCS 805/8.22 new) 4 Sec. 8.22. Exempt mandate. Notwithstanding Sections 6 5 and 8 of this Act, no reimbursement by the State is required 6 for the implementation of any mandate created by this 7 amendatory Act of 1998. 8 Section 99. Effective date. This Act takes effect upon 9 becoming law.
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