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.
















LRB095 08232 AMC 28403 b

















FISCAL NOTE ACT MAY APPLY


PENSION IMPACT NOTE ACT MAY APPLY
















 


 


A BILL FOR









 











SB0246

LRB095 08232 AMC 28403 b






1
    AN ACT in relation to 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 
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Section
1-117.1 as follows:


 
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    (40 ILCS 5/1-117.1 new)

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    Sec. 1-117.1. Maximum annuity.   Notwithstanding any other 
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provision of
this Code, for a person who first begins to 
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participate in a pension fund or
retirement system subject to 
10
this Code on or after the effective date of this
Section, the 
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total retirement or disability retirement annuity payable by

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that pension fund or retirement system, including any 
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automatic, one-time, or
other increases in that annuity that 
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are otherwise provided under this Code,
shall not ever exceed 
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$100,000 per year.



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