Full Text of SB2512 97th General Assembly
SB2512 97TH GENERAL ASSEMBLY |
| | 97TH GENERAL ASSEMBLY
State of Illinois
2011 and 2012 SB2512 Introduced 10/25/2011, by Sen. Chris Lauzen SYNOPSIS AS INTRODUCED: | | 40 ILCS 5/1-117.1 new |
| 40 ILCS 5/1-170 new | |
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Amends the General Provisions Article of the Illinois Pension Code.
Provides that the total retirement annuity of a participant in a State-funded retirement system who first became a participant before January 1, 2011 shall not exceed
$120,000 per year. Provides that a participant who first became a participant before January 1, 2011 is not eligible to retire from a State-funded retirement system before reaching age 62. Provides that these changes do not apply to a participant who is eligible to retire within 8 years after the effective date of the amendatory Act, regardless of whether the participant actually retires during that period. Effective immediately. |
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| | FISCAL NOTE ACT MAY APPLY | | PENSION IMPACT NOTE ACT MAY APPLY |
| | A BILL FOR |
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| | | SB2512 | | LRB097 14112 JDS 58787 b |
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| 1 | | AN ACT concerning 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 and 1-170 as follows:
| 6 | | (40 ILCS 5/1-117.1 new)
| 7 | | Sec. 1-117.1. Maximum annuity for participants in | 8 | | State-funded retirement systems. Notwithstanding any other | 9 | | provision of
this Code, for a person who is a participant in a | 10 | | retirement system created under Article 2, 14, 15, 16, or 18 of | 11 | | this Code, who is not eligible to retire under that Article | 12 | | within 8 years after the effective date of this Section, and | 13 | | who first became a participant on or before January 1, 2011,
| 14 | | the total retirement or disability retirement annuity payable | 15 | | by
that retirement system, including any automatic, one-time, | 16 | | or
other increases in that annuity that are otherwise provided | 17 | | under this Code,
shall not exceed $120,000 per year.
| 18 | | (40 ILCS 5/1-170 new) | 19 | | Sec. 1-170. Retirement age. Notwithstanding any other | 20 | | provision of this Code, a participant who first became a | 21 | | participant on or before January 1, 2011 is not eligible to | 22 | | retire from a retirement system created under Article 2, 14, |
| | | SB2512 | - 2 - | LRB097 14112 JDS 58787 b |
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| 1 | | 15, 16, or 18 of this Code before reaching age 62. The | 2 | | provisions of this Section do not apply to a participant who is | 3 | | eligible to retire within 8 years after the effective date of | 4 | | this Section, regardless of whether the participant actually | 5 | | retires during that period.
| 6 | | Section 99. Effective date. This Act takes effect upon | 7 | | becoming law. |
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