HB 3854

Abstract

Amends the Illinois Pension Code. Provides that for a person who first becomes a member or participant in any retirement system or pension fund under the Code on or after the effective date of the amendatory Act, the total amount of the retirement annuity or pension benefits he or she may receive 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. Effective immediately.