PEN CD-GARS-ANNUAL INCREASES House SponsorsRep. Jim Durkin 1/13/2021HouseSession Sine Die 40 ILCS 5/2-105.3 new40 ILCS 5/2-107.9 new40 ILCS 5/2-107.10 new40 ILCS 5/2-108from Ch. 108 1/2, par. 2-10840 ILCS 5/2-110.3 new40 ILCS 5/2-119.1from Ch. 108 1/2, par. 2-119.140 ILCS 5/2-124from Ch. 108 1/2, par. 2-12440 ILCS 5/2-126from Ch. 108 1/2, par. 2-12640 ILCS 5/2-134from Ch. 108 1/2, par. 2-13440 ILCS 5/2-16240 ILCS 15/1.10 new Amends the General Assembly Article of the Illinois Pension Code. Requires active Tier 1 employees to elect either to (i) have automatic annual increases in retirement and survivor's annuities delayed and reduced or (ii) not agree to the delay and reduction. Provides that a Tier 1 employee who elects to have automatic annual increases in retirement and survivor's annuities delayed and reduced is entitled to have future increases in income treated as pensionable income, have contributions reduced to a specified rate, and receive a consideration payment of 10% of contributions made prior to the election. Provides that a Tier 1 employee who elects to not agree to the delay and reduction is not eligible to have future increases in income treated as pensionable income. Makes funding changes. Makes other changes. Amends the State Pension Funds Continuing Appropriation Act to provide a continuing appropriation for the amounts of the consideration payments. Effective immediately. 2/14/2020HouseFiled with the Clerk by Rep. Jim Durkin 2/18/2020HouseFirst Reading 2/18/2020HouseReferred to Rules Committee 3/12/2020HouseAssigned to Executive Committee 6/23/2020HouseRule 19(b) / Re-referred to Rules Committee 1/13/2021HouseSession Sine Die