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| | 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.
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| 2 | | Be it enacted by the People of the State of Illinois, |
| 3 | | represented in the General Assembly:
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| 4 | | Section 5. The Illinois Pension Code is amended by adding |
| 5 | | Section
1-117.1 and 1-170 as follows:
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| 6 | | (40 ILCS 5/1-117.1 new)
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| 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,
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| 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.
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| 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, |