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IL HB3427
Bill
Status
1/8/2013
Primary Sponsor
David Harris
Click for details
AI Summary
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Amends the Illinois Pension Code by adding Section 1-161 to establish new rules for calculating compensation used to determine pension and annuity benefits.
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Requires all pension funds and retirement systems to exclude lump sum payments for retirement, severance, sick time, and vacation time when computing compensation for benefit calculations.
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Requires exclusion of any annual compensation increase exceeding 6% when calculating pension and annuity benefits.
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Applies to current pension fund participants as of the effective date and to all individuals who become participants on or after the effective date.
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Takes effect immediately upon becoming law.
Legislative Description
PEN CD-EXCLUDE-INCR>6%/PYMNTS
Last Action
Session Sine Die
1/8/2013