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94TH GENERAL ASSEMBLY
State of Illinois
2005 and 2006
SB0364
Introduced 2/15/2005, by Sen. James A. DeLeo SYNOPSIS AS INTRODUCED:
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40 ILCS 5/5-136.2 new |
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30 ILCS 805/8.29 new |
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Amends the Chicago Police Article of the Illinois Pension Code.
Provides a compounded 3% annual increase in surviving spouse annuities.
Amends the State Mandates Act to require
implementation without reimbursement. Amends the State Mandates Act to require implementation without reimbursement.
Effective immediately.
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| FISCAL NOTE ACT MAY APPLY |
PENSION IMPACT NOTE ACT MAY APPLY |
STATE MANDATES ACT MAY REQUIRE REIMBURSEMENT |
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A BILL FOR
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SB0364 |
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LRB094 08942 AMC 39162 b |
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| AN ACT in relation to public employee benefits.
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| Be it enacted by the People of the State of Illinois, |
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| represented in the General Assembly:
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| Section 5. The Illinois Pension Code is amended by adding |
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| Section 5-136.2
as follows:
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| (40 ILCS 5/5-136.2 new)
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| Sec. 5-136.2. Annual increase in widow's annuity. |
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| (a) Except as provided in subsection (c), each widow's |
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| annuity payable
under this Article shall be increased by 3% of |
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| the original fixed amount of
the annuity on the later of (1) |
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| January 1, 2006, or (2) the January 1 occurring
on or next |
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| following the first anniversary of the granting of the annuity.
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| On each January 1 following the initial increase under this |
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| subsection,
each widow's annuity payable under this Article |
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| shall be increased by an amount
equal to 3% of the current |
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| amount of the annuity, including any previous
increases under |
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| this Section.
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| (b) The limitations on the maximum amount of widow's |
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| annuity imposed under
Section 5-148 and the provisions of this |
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| Article on fixation of the amount of
widow's annuity do not |
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| apply to the annual increases provided under this
Section. The |
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| increases provided under this Section apply without regard to
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| whether or not the deceased employee was in service on or after |
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| the effective
date of this amendatory Act of the 94th General |
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| Assembly.
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| (c) The increases provided in this Section do apply to a |
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| compensation or
supplemental annuity under Section 5-144.
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| The increases provided in this Section do not apply to a |
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| reversionary or
term annuity.
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| Section 90. The State Mandates Act is amended by adding |
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| Section 8.29 as
follows:
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