Bill Status of HB3427 97th General Assembly
Short Description: PEN CD-EXCLUDE-INCR>6%/PYMNTS
Rep. David Harris - Dwight Kay
| 1/8/2013||House||Session Sine Die|
Statutes Amended In Order of Appearance
Synopsis As Introduced
Amends the Illinois Pension Code. Requires all pension funds and retirement systems established under the Code to exclude the following items when computing the compensation, salary, or wages upon which an annuity, pension, or other benefit is to be based: (i) lump sum payments for retirement, severance, and sick or vacation time and (ii) any annual increase in compensation, salary, or wages of more than 6%. Applies only to persons who are participants on the effective date or who first become participants on or after the effective date. Effective immediately.