IL HB2848

Requires all Illinois pension fund and retirement system participants, members, and annuitants to receive annual increases to retirement and supplemental annuities equal to the unadjusted percentage increase in the Consumer Price Index-U.

Calculates annual adjustments based on the Consumer Price Index-U for the 12 months ending in September, with the Public Pension Division of the Department of Insurance providing adjusted amounts to pension boards by November 1 each year.

Applies increases without regard to whether participants are in active service at the time of the amendatory act, overriding previous limitations in Sections 1-160 and 1-161 of the Illinois Pension Code.

Exempts the implementation of this mandate from State reimbursement requirements under the State Mandates Act.

Takes effect immediately upon becoming law.