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Maximum Dollar Limit for Retirement Benefits

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HB 3854 amends the General Provisions article of the Illinois Pension Code to limit the total amount of retirement annuity or pension benefits that any person who first becomes a participant in any retirement system or pension fund on or after the effective date of the legislation can receive to $132,900 in any year. Thereafter, the $132,900 limit is annually increased by the percentage increase (but not less than zero) in the consumer price index-u, including all previous adjustments.

HB 3854 takes effect immediately upon becoming law.

HB 3854 is similar to HB 3859 of the 101st General Assembly.

Sponsor: 
Representative Allen Skillicorn