SB 2907

Abstract

If and only if Senate Bill 1056 of the 102nd General Assembly, as amended by House Amendment 1, becomes law, amends the Chicago Teacher Article of the Illinois Pension Code. Provides that if an annuitant does not elect to repay a mistaken overpayment from the Fund by a lump sum, monthly payments, or reduction of the corrected benefit, the annuitant may have his or her automatic annual increase discontinued beginning in January of the following calendar year until the pension payment matches his or her corrected pension rate. Provides that upon full repayment, the annuitant's automatic annual increase shall resume at the rate of increase equivalent to a comparable annuitant whose automatic annual increase was not discontinued. Removes language that provides that if (1) the amount of the benefit was mistakenly set too high, (2) the error was undiscovered for 3 years or longer from the date of the first mistaken benefit payment, and (3) the error was not the result of incorrect information supplied by the affected member, then upon discovery of the mistake the benefit shall be adjusted to the correct level, but the recipient of the benefit shall not be required to repay to the Fund the excess amounts received in error. Effective immediately or on the date Article 20 of Senate Bill 1056 takes effect, whichever is later.