Illinois General Assembly - Full Text of HB3081
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Full Text of HB3081  97th General Assembly

HB3081 97TH GENERAL ASSEMBLY

  
  

 


 
97TH GENERAL ASSEMBLY
State of Illinois
2011 and 2012
HB3081

 

Introduced 2/23/2011, by Rep. David Harris

 

SYNOPSIS AS INTRODUCED:
 
40 ILCS 5/1-161 new

    Amends the Illinois Pension Code. Decreases the amount of the annual increases in benefits to which current and future annuitants, participants, and survivors of the State-funded pension and retirement systems are entitled. Effective immediately.


LRB097 08650 JDS 48779 b

FISCAL NOTE ACT MAY APPLY
PENSION IMPACT NOTE ACT MAY APPLY

 

 

A BILL FOR

 

HB3081LRB097 08650 JDS 48779 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 1-161 as follows:
 
6    (40 ILCS 5/1-161 new)
7    Sec. 1-161. Annual increases for annuitants, participants,
8and survivors in the State-funded systems. Notwithstanding any
9other provision of this Code, neither an annuitant or
10participant in a retirement system or pension fund established
11under Article 2, 14, 15, 16, or 18 of this Code nor a survivor
12of such a person may, beginning on the effective date of this
13Section, receive an annual increase in a benefit provided under
14this Code in an amount that is greater than: (i) in the case of
15persons who were annuitants, participants, or survivors in one
16of the affected funds or systems before January 1, 2011, 2% of
17the benefit then being received compounded annually and (2) in
18the case of persons who became participants after January 1,
192011, 2% or one-half the annual unadjusted percentage increase
20(but not less than zero) in the consumer price index-u for the
2112 months ending with the September preceding each November 1,
22whichever is less, of the originally granted benefit.
 

 

 

HB3081- 2 -LRB097 08650 JDS 48779 b

1    Section 99. Effective date. This Act takes effect upon
2becoming law.