101ST GENERAL ASSEMBLY
State of Illinois
2019 and 2020
HB3859

 

Introduced 10/17/2019, by Rep. Allen Skillicorn - Blaine Wilhour

 

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

    Amends the Illinois Pension Code. Provides that the total amount of the retirement annuity or pension benefits a person may receive from any pension fund or retirement system under the Code 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. Provides that the changes apply without regard to whether a person became a member, participant, beneficiary, or annuitant before the effective date of the amendatory Act. Effective immediately.


LRB101 13309 RPS 62151 b

FISCAL NOTE ACT MAY APPLY
PENSION IMPACT NOTE ACT MAY APPLY

 

 

A BILL FOR

 

HB3859LRB101 13309 RPS 62151 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, the total amount of the retirement annuity or pension
10benefits a person may receive from any pension fund or
11retirement system under this Code in any year shall not exceed
12$132,900; however, that amount shall annually thereafter be
13increased by the percentage increase (but not less than zero)
14in the consumer price index-u for the 12 months ending with the
15September preceding each November 1, including all previous
16adjustments.
17    The changes made by this amendatory Act of the 101st
18General Assembly apply without regard to whether a person
19became a member, participant, beneficiary, or annuitant before
20the effective date of this amendatory Act of the 101st General
21Assembly.
22    For the purposes of this Section, "consumer price index-u"
23means the index published by the Bureau of Labor Statistics of

 

 

HB3859- 2 -LRB101 13309 RPS 62151 b

1the United States Department of Labor that measures the average
2change in prices of goods and services purchased by all urban
3consumers, United States city average, all items, 1982-84 =
4100. The new amount resulting from each annual adjustment shall
5be determined by the Public Pension Division of the Department
6of Insurance and made available to the boards of the retirement
7systems and pension funds by November 1 of each year.
 
8    Section 99. Effective date. This Act takes effect upon
9becoming law.