Illinois General Assembly - Full Text of HB2847
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Full Text of HB2847  102nd General Assembly

HB2847 102ND GENERAL ASSEMBLY

  
  

 


 
102ND GENERAL ASSEMBLY
State of Illinois
2021 and 2022
HB2847

 

Introduced 2/19/2021, by Rep. Blaine Wilhour

 

SYNOPSIS AS INTRODUCED:
 
40 ILCS 5/1-163 new

    Amends the Illinois Pension Code. Provides that the total amount of the retirement annuity or pension benefits a person may receive from any pension fund or retirement system under the Code in any year shall not exceed $132,900; however, that amount shall annually thereafter be increased by the percentage increase (but not less than zero) in the consumer price index-u for the 12 months ending with the September preceding each November 1, including all previous adjustments. Provides that the changes apply without regard to whether a person became a member, participant, beneficiary, or annuitant before the effective date of the amendatory Act. Effective immediately.


LRB102 10864 RPS 16194 b

FISCAL NOTE ACT MAY APPLY
PENSION IMPACT NOTE ACT MAY APPLY

 

 

A BILL FOR

 

HB2847LRB102 10864 RPS 16194 b

1    AN ACT concerning public employee benefits.
 
2    Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
 
4    Section 5. The Illinois Pension Code is amended by adding
5Section 1-163 as follows:
 
6    (40 ILCS 5/1-163 new)
7    Sec. 1-163. Limit on total retirement annuity amount.
8Notwithstanding any other provision of this Code to the
9contrary, the total amount of the retirement annuity or
10pension benefits a person may receive from any pension fund or
11retirement system under this Code in any year shall not exceed
12$132,900; however, that amount shall annually thereafter be
13increased by the percentage increase (but not less than zero)
14in the consumer price index-u for the 12 months ending with the
15September preceding each November 1, including all previous
16adjustments.
17    The changes made by this amendatory Act of the 102nd
18General Assembly apply without regard to whether a person
19became a member, participant, beneficiary, or annuitant before
20the effective date of this amendatory Act of the 102nd General
21Assembly.
22    For the purposes of this Section, "consumer price index-u"
23means the index published by the Bureau of Labor Statistics of

 

 

HB2847- 2 -LRB102 10864 RPS 16194 b

1the United States Department of Labor that measures the
2average change in prices of goods and services purchased by
3all urban consumers, United States city average, all items,
41982-84 = 100. The new amount resulting from each annual
5adjustment shall be determined by the Public Pension Division
6of the Department of Insurance and made available to the
7boards of the retirement systems and pension funds by November
81 of each year.
 
9    Section 99. Effective date. This Act takes effect upon
10becoming law.