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| | 97TH GENERAL ASSEMBLY
State of Illinois
2011 and 2012
HB3081 Introduced 2/23/2011, by Rep. David Harris SYNOPSIS AS INTRODUCED:
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Amends the Illinois Pension Code. Decreases the amount of the annual increases in benefits to which current and future annuitants, participants, and survivors of the State-funded pension and retirement systems are entitled. Effective immediately.
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| | | FISCAL NOTE ACT MAY APPLY | | PENSION IMPACT NOTE ACT MAY APPLY |
| | A BILL FOR |
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| | HB3081 | | LRB097 08650 JDS 48779 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,
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| 3 | | represented in the General Assembly:
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| 4 | | Section 5. The Illinois Pension Code is amended by adding |
| 5 | | Section 1-161 as follows:
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| 6 | | (40 ILCS 5/1-161 new) |
| 7 | | Sec. 1-161. Annual increases for annuitants, participants, |
| 8 | | and survivors in the State-funded systems. Notwithstanding any |
| 9 | | other provision of this Code, neither an annuitant or |
| 10 | | participant in a retirement system or pension fund established |
| 11 | | under Article 2, 14, 15, 16, or 18 of this Code nor a survivor |
| 12 | | of such a person may, beginning on the effective date of this |
| 13 | | Section, receive an annual increase in a benefit provided under |
| 14 | | this Code in an amount that is greater than: (i) in the case of |
| 15 | | persons who were annuitants, participants, or survivors in one |
| 16 | | of the affected funds or systems before January 1, 2011, 2% of |
| 17 | | the benefit then being received compounded annually and (2) in |
| 18 | | the case of persons who became participants after January 1, |
| 19 | | 2011, 2% or one-half the annual unadjusted percentage increase |
| 20 | | (but not less than zero) in the consumer price index-u for the |
| 21 | | 12 months ending with the September preceding each November 1, |
| 22 | | whichever is less, of the originally granted benefit.
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