Bill Title: Amends the General Assembly and Judges Articles of the Illinois Pension Code. Provides that, for persons who first become participants of either system on or after the effective date of the amendatory Act: (i) the automatic annual increases in participant and survivor annuities shall be at the rate of 3% or one-half the annual unadjusted percentage increase (but not less than zero) in the consumer price index-u, whichever is less, of the originally granted retirement annuity (rather than at the rate of 3% or the annual unadjusted percentage increase in the consumer price index-u, whichever is less, of the annuity then being paid) and (ii) the annual increases in highest salary for annuity purposes and final average salary shall be at the rate of the lesser of 3% or one-half the annual unadjusted percentage increase (but not less than zero) in the consumer price index-u (rather than at the rate of the lesser of 3% or the annual unadjusted percentage increase in the consumer price index-u).

Spectrum: Bipartisan Bill

Status: (Failed) 2013-01-08 - Session Sine Die [HB1447 Detail]

Text: Latest bill text (Amended) [HTML]

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