SB0246 95TH GENERAL ASSEMBLY

LRB095 08232 AMC 28403 b

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.

FISCAL NOTE ACT MAY APPLY

PENSION IMPACT NOTE ACT MAY APPLY

A BILL FOR

AN ACT in relation to public employee benefits.

Be it enacted by the People of the State of Illinois, represented in the General Assembly:

Section 5. The Illinois Pension Code is amended by adding Section 1-117.1 as follows:

(40 ILCS 5/1-117.1 new)

Sec. 1-117.1. Maximum annuity. Notwithstanding any other provision of this Code, for a person who first begins to participate in a pension fund or retirement system subject to this Code on or after the effective date of this Section, the total retirement or disability retirement annuity payable by that pension fund or retirement system, including any automatic, one-time, or other increases in that annuity that are otherwise provided under this Code, shall not ever exceed $100,000 per year.

Section 99. Effective date. This Act takes effect upon becoming law.