HB1645 103RD GENERAL ASSEMBLY

LRB103 05238 RPS 50256 b

103RD GENERAL ASSEMBLY
State of Illinois
2023 and 2024
HB1645

Introduced 2/1/2023, by Rep. 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.

A BILL FOR

AN ACT concerning 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 1-163 as follows:

(40 ILCS 5/1-163 new)

Sec. 1-163. Limit on total retirement annuity amount. Notwithstanding any other provision of this Code to the contrary, the total amount of the retirement annuity or pension benefits a person may receive from any pension fund or retirement system under this 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.

The changes made by this amendatory Act of the 103rd General Assembly apply without regard to whether a person became a member, participant, beneficiary, or annuitant before the effective date of this amendatory Act of the 103rd General Assembly.

For the purposes of this Section, "consumer price index-u" means the index published by the Bureau of Labor Statistics of the United States Department of Labor that measures the average change in prices of goods and services purchased by all urban consumers, United States city average, all items, 1982-84 = 100. The new amount resulting from each annual adjustment shall be determined by the Public Pension Division of the Department of Insurance and made available to the boards of the retirement systems and pension funds by November 1 of each year.

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