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.


LRB095 06692 AMC 26804 b

FISCAL NOTE ACT MAY APPLY
PENSION IMPACT NOTE ACT MAY APPLY
STATE MANDATES ACT MAY REQUIRE REIMBURSEMENT

 

 

A BILL FOR

 

SB1513 LRB095 06692 AMC 26804 b

1     AN ACT in relation to public employee benefits.
 
2     Be it enacted by the People of the State of Illinois,
3 represented in the General Assembly:
 
4     Section 5. The Illinois Pension Code is amended by adding
5 Section 5-136.2 as follows:
 
6     (40 ILCS 5/5-136.2 new)
7     Sec. 5-136.2. Annual increase in widow's annuity.
8     (a) Except as provided in subsection (c), each widow's
9 annuity payable under this Article shall be increased by 3% of
10 the original fixed amount of the annuity on the later of (1)
11 January 1, 2008, or (2) the January 1 occurring on or next
12 following the first anniversary of the granting of the annuity.
13 On each January 1 following the initial increase under this
14 subsection, each widow's annuity payable under this Article
15 shall be increased by an amount equal to 3% of the current
16 amount of the annuity, including any previous increases under
17 this Section.
18     (b) The limitations on the maximum amount of widow's
19 annuity imposed under Section 5-148 and the provisions of this
20 Article on fixation of the amount of widow's annuity do not
21 apply to the annual increases provided under this Section. The
22 increases provided under this Section apply without regard to
23 whether or not the deceased employee was in service on or after

 

 

SB1513 - 2 - LRB095 06692 AMC 26804 b

1 the effective date of this amendatory Act of the 95th General
2 Assembly.
3     (c) The increases provided in this Section do apply to a
4 compensation or supplemental annuity under Section 5-144.
5     The increases provided in this Section do not apply to a
6 reversionary or term annuity.
 
7     Section 90. The State Mandates Act is amended by adding
8 Section 8.31 as follows:
 
9     (30 ILCS 805/8.31 new)
10     Sec. 8.31. Exempt mandate. Notwithstanding Sections 6 and 8
11 of this Act, no reimbursement by the State is required for the
12 implementation of any mandate created by this amendatory Act of
13 the 95th General Assembly.
 
14     Section 99. Effective date. This Act takes effect upon
15 becoming law.