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IL HB5506
Bill
Status
Introduced
2/5/2010
Primary Sponsor
Renee Kosel
Click for details
AI Summary
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Amends the Illinois Pension Code to cap retirement annuity salary calculations at the Governor's salary on the date of retirement for all new participants hired on or after July 1, 2010.
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Applies the salary cap across five pension systems: General Assembly, State Employees, State Universities, Downstate Teachers, and Judges.
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Modifies how "highest salary," "final average compensation," "final rate of earnings," and "final average salary" are determined for affected new participants.
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Leaves existing pension benefits unchanged for participants hired before July 1, 2010.
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Takes effect immediately upon becoming law.
Legislative Description
PEN CD-LIMIT ON SALARY
Last Action
Rule 19(a) / Re-referred to Rules Committee
3/15/2010
Committee Referrals
Rules3/15/2010
Personnel & Pensions2/16/2010
Rules2/5/2010
Full Bill Text
No bill text available