Replaces everything after the enacting clause. Amends the General Assembly and Judges Articles of the Illinois Pension Code. With respect to persons who first participate in the under those Articles on or after July 1, 2010; (i) changes the manner in which retirement annuities are calculated (including caps on the amount of retirement annuities); (ii) changes the eligibility requirements for a retirement annuity; (iii) makes changes concerning survivor annuities; and (iv) provides that annual increases shall be 3% or the annual change in the Consumer Price Index for All Urban Consumers, whichever is less, of the annuity then being paid. Makes other changes. Effective immediately.