HB3116 - Public Pension Abuse Abatement Act

• Creates the Public Pension Abuse Abatement Compact and authorizes the Governor to execute the compact with other states on behalf of Illinois.

• Prohibits governmental employers in compacting states from paying wages or salary to public pension fund annuitants unless the annuitant elects to suspend their pension during employment.

• Defines key terms including "public retirement annuity" (retirement annuity based on government service), "governmental employer" (public-funded employer with employees in public pension plans), and "public pension fund annuitant" (individual receiving a public retirement annuity).

• Compact becomes effective and binding when enacted by any state legislature and continues to bind additional states as they individually enact it.

• Takes effect immediately upon becoming law.