IL HB2975

Amends the Illinois Pension Code to add new Sections 2-126.6 and 18-133.5 establishing administrative fees for pension annuity payments under the General Assembly and Judges Articles.

Imposes a 4.95% administrative fee on every annuity payment made on or after the effective date of this Act.

Applies the fee to all annuity recipients regardless of whether they were in service before or after the Act's effective date.

Takes effect immediately upon becoming law.