101ST GENERAL ASSEMBLY
State of Illinois
2019 and 2020
HB3854

 

Introduced 10/17/2019, by Rep. Allen Skillicorn

 

SYNOPSIS AS INTRODUCED:
 
40 ILCS 5/1-163 new

    Amends the Illinois Pension Code. Provides that for a person who first becomes a member or participant in any retirement system or pension fund under the Code on or after the effective date of the amendatory Act, the total amount of the retirement annuity or pension benefits he or she may receive in any year shall not exceed $132,900; however, that amount shall annually thereafter be increased by the percentage increase (but not less than zero) in the consumer price index-u for the 12 months ending with the September preceding each November 1, including all previous adjustments. Effective immediately.


LRB101 12870 RPS 61705 b

FISCAL NOTE ACT MAY APPLY
PENSION IMPACT NOTE ACT MAY APPLY

 

 

A BILL FOR

 

HB3854LRB101 12870 RPS 61705 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 1-163 as follows:
 
6    (40 ILCS 5/1-163 new)
7    Sec. 1-163. Limit on total retirement annuity amount.
8Notwithstanding any other provision of this Code to the
9contrary, for a person who first becomes a member or
10participant in any retirement system or pension fund under this
11Code on or after the effective date of this amendatory Act of
12the 101st General Assembly, the total amount of the retirement
13annuity or pension benefits he or she may receive in any year
14shall not exceed $132,900; however, that amount shall annually
15thereafter be increased by the percentage increase (but not
16less than zero) in the consumer price index-u for the 12 months
17ending with the September preceding each November 1, including
18all previous adjustments.
19    For the purposes of this Section, "consumer price index-u"
20means the index published by the Bureau of Labor Statistics of
21the United States Department of Labor that measures the average
22change in prices of goods and services purchased by all urban
23consumers, United States city average, all items, 1982-84 =

 

 

HB3854- 2 -LRB101 12870 RPS 61705 b

1100. The new amount resulting from each annual adjustment shall
2be determined by the Public Pension Division of the Department
3of Insurance and made available to the boards of the retirement
4systems and pension funds by November 1 of each year.
 
5    Section 99. Effective date. This Act takes effect upon
6becoming law.