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| | 97TH GENERAL ASSEMBLY
State of Illinois
2011 and 2012
HB3427 Introduced 2/24/2011, by Rep. David Harris SYNOPSIS AS INTRODUCED:
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Amends the Illinois Pension Code. Requires all pension funds and retirement systems established under the Code to exclude the following items when computing the compensation, salary, or wages upon which an annuity, pension, or other benefit is to be based: (i) lump sum payments for retirement, severance, and sick or vacation time and (ii) any annual increase in compensation, salary, or wages of more than 6%. Applies only to persons who are participants on the effective date or who first become participants on or after the effective date. Effective immediately.
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| | | FISCAL NOTE ACT MAY APPLY | | PENSION IMPACT NOTE ACT MAY APPLY |
| | A BILL FOR |
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| | HB3427 | | LRB097 08984 JDS 49117 b |
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| 1 | | AN ACT concerning public employee benefits.
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| 2 | | Be it enacted by the People of the State of Illinois,
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| 3 | | represented in the General Assembly:
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| 4 | | Section 5. The Illinois Pension Code is amended by adding |
| 5 | | Section 1-161 as follows:
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| 6 | | (40 ILCS 5/1-161 new) |
| 7 | | Sec. 1-161. Calculation of compensation, salary, and |
| 8 | | wages. |
| 9 | | (a) Notwithstanding any other provision of this Code, |
| 10 | | beginning on the effective date of this Section, all pension |
| 11 | | funds and retirement systems established under this Code must |
| 12 | | exclude the following items when computing the compensation, |
| 13 | | salary, or wages upon which an annuity, pension, or other |
| 14 | | benefit is to be based: (i) lump sum payments for retirement, |
| 15 | | severance, and sick or vacation time and (ii) any annual |
| 16 | | increase in compensation, salary, or wages of more than 6%. |
| 17 | | (b) This Section applies only to persons who, on the |
| 18 | | effective date of this Section, are participants in a pension |
| 19 | | fund or retirement system established under this Code or, on or |
| 20 | | after the effective date of this Section, first become |
| 21 | | participants of a pension fund or retirement system established |
| 22 | | under this Code.
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