HB 1165 - Establishes Cost of Living Adjustments in Pensions - Illinois Key Vote
done
Mike Fortner voted Nay (Passage) on this Legislation.
Timeline
- Referred to Committee
- March 22, 2013
- House Bill Passed
- March 21, 2013
- Introduced
- Jan. 31, 2013
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Title: Establishes Cost of Living Adjustments in Pensions
Vote Smart's Synopsis:
Vote to pass a bill that establishes an automatic annual increase in retirement payments and specifies when they come into effect.
Highlights:
- Establishes the automatic annual increase in retirement payments as the lesser of $750 or 3 percent of a Tier I retiree’s pension (Sec. 4).
- Defines “Tier I retiree” as a public employee hired before January 1, 2011 who is now receiving retirement payments (Sec. 4).
- Requires a Tier I retiree to receive the automatic annual increase in retirement payments on the January 1 after the retiree attains age 67 or after 5 years of retirement, whichever is earlier (Sec. 4).
Title: Establishes Cost of Living Adjustments in Pensions