Synopsis As Introduced Amends the Illinois Municipal Retirement Fund (IMRF) Article of the Illinois Pension Code. Provides that, if the amount of a participating employee's earnings for any calendar year used to determine the participating employee's retirement annuity exceeds the amount of his or her earnings with the same participating municipality or participating instrumentality for the previous calendar year by more than 6%, then the participating municipality or participating instrumentality must pay to the fund the present value of the increase in benefits resulting from the portion of the increase in earnings that is in excess of 6%. Provides that the Fund must exclude certain earnings when assessing payment for any amount due under this provision. Amends the State Mandates Act to require implementation without reimbursement. Effective immediately.