IL HB2847

Establishes an annual cap of $132,900 on total retirement annuity or pension benefits a person may receive from any Illinois pension fund or retirement system in a single year.

Increases the annual cap each year by the percentage increase in the consumer price index-u (CPI-U) for the 12 months ending in September, with adjustments compounded over time.

Applies the cap retroactively to all current and future members, participants, beneficiaries, and annuitants regardless of when they joined their pension system.

Directs the Public Pension Division of the Department of Insurance to calculate the annual adjusted cap amount and notify retirement system boards by November 1 each year.

Takes effect immediately upon enactment.