IL SB3132

Eliminates automatic 3% annual retirement annuity increases for General Assembly participants who retire after the bill's effective date under subsection (b).

Introduces new subsection (a-1) capping automatic increases for Tier 1 retirees at 3% of the lesser of: (1) total annuity payable, or (2) $1,000 multiplied by years of creditable service, with the $1,000 amount adjusted annually by Consumer Price Index beginning January 1, 2016.

Creates subsection (a-2) freezing automatic increases for Tier 1 participants who had not begun receiving retirement annuity before July 1, 2014, with freeze duration varying by age: one freeze for those age 50+, three freezes for ages 47-49, four freezes for ages 44-46, and five freezes for those under age 44.

Modifies subsection (d) to apply the new capped increase formula (subsection a-1) to participants who terminated service prior to July 1, 1967, on or after the bill's effective date.

Includes nonacceleration provision ensuring the bill's amendments do not accelerate or delay the effective date of other statutory changes.