95TH GENERAL ASSEMBLY
State of Illinois
2007 and 2008
SB0246

 

Introduced 2/7/2007, by Sen. Chris Lauzen

 

SYNOPSIS AS INTRODUCED:
 
40 ILCS 5/1-117.1 new

    Amends the General Provisions Article of the Illinois Pension Code. Provides that the total retirement annuity, including any automatic, one-time, or other increases in that annuity, shall not ever exceed $100,000 per year. Applies only to a person who first becomes a participant on or after the effective date. Effective immediately.


LRB095 08232 AMC 28403 b

FISCAL NOTE ACT MAY APPLY
PENSION IMPACT NOTE ACT MAY APPLY

 

 

A BILL FOR

 

SB0246 LRB095 08232 AMC 28403 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 adding
5 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 $100,000 per year.
 
16     Section 99. Effective date. This Act takes effect upon
17 becoming law.