SB1513 95TH GENERAL ASSEMBLY

LRB095 06692 AMC 26804 b

95TH GENERAL ASSEMBLY
State of Illinois
2007 and 2008
SB1513

Introduced 2/9/2007, by Sen. Kwame Raoul

SYNOPSIS AS INTRODUCED:

40 ILCS 5/5-136.2 new
30 ILCS 805/8.31 new

Amends the Chicago Police Article of the Illinois Pension Code. Provides a compounded 3% annual increase in surviving spouse annuities. Amends the State Mandates Act to require implementation without reimbursement. Effective immediately.

FISCAL NOTE ACT MAY APPLY

PENSION IMPACT NOTE ACT MAY APPLY

STATE MANDATES ACT MAY REQUIRE REIMBURSEMENT

A BILL FOR

AN ACT in relation to public employee benefits.

Be it enacted by the People of the State of Illinois, represented in the General Assembly:

Section 5. The Illinois Pension Code is amended by adding Section 5-136.2 as follows:

(40 ILCS 5/5-136.2 new)

Sec. 5-136.2. Annual increase in widow's annuity.

(a) Except as provided in subsection (c), each widow's annuity payable under this Article shall be increased by 3% of the original fixed amount of the annuity on the later of (1) January 1, 2008, or (2) the January 1 occurring on or next following the first anniversary of the granting of the annuity. On each January 1 following the initial increase under this subsection, each widow's annuity payable under this Article shall be increased by an amount equal to 3% of the current amount of the annuity, including any previous increases under this Section.

(b) The limitations on the maximum amount of widow's annuity imposed under Section 5-148 and the provisions of this Article on fixation of the amount of widow's annuity do not apply to the annual increases provided under this Section. The increases provided under this Section apply without regard to whether or not the deceased employee was in service on or after the effective date of this amendatory Act of the 95th General Assembly.

(c) The increases provided in this Section do apply to a compensation or supplemental annuity under Section 5-144.

The increases provided in this Section do not apply to a reversionary or term annuity.

Section 90. The State Mandates Act is amended by adding Section 8.31 as follows:

(30 ILCS 805/8.31 new)

Sec. 8.31. Exempt mandate. Notwithstanding Sections 6 and 8 of this Act, no reimbursement by the State is required for the implementation of any mandate created by this amendatory Act of the 95th General Assembly.

Section 99. Effective date. This Act takes effect upon becoming law.