Bill Title: 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.

Spectrum: Partisan Bill (Republican 2-0)

Status: (Introduced) 2023-03-16 - Added Co-Sponsor Rep. Chris Miller [HB1645 Detail]

Text: Latest bill text (Introduced) [HTML]

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