PEN CD-ST FUNDED-REDUCE COLA House SponsorsRep. Michael W. Tryon 1/8/2013HouseSession Sine Die 40 ILCS 5/2-119.1from Ch. 108 1/2, par. 2-119.140 ILCS 5/14-114from Ch. 108 1/2, par. 14-11440 ILCS 5/15-136from Ch. 108 1/2, par. 15-13640 ILCS 5/16-133.1from Ch. 108 1/2, par. 16-133.140 ILCS 5/16-136.1from Ch. 108 1/2, par. 16-136.140 ILCS 5/18-125.1from Ch. 108 1/2, par. 18-125.1 Amends the Illinois Pension Code in relation to the 5 State-funded retirement systems. Decreases annual increases (COLAs) for certain persons who first became participants before January 1, 2011 and did not begin to receive a retirement annuity before the effective date of this amendatory Act. Provides that the automatic annual increases shall be (1) 3% of the first $50,000 of the annual total annuity payable at the time of the increase, and (2) if the annual total annuity payable at the time of the increase exceeds $50,000, a percentage of that excess equal to the lesser of 3% or one-half of the annual unadjusted percentage increase (but not less than zero) in the Consumer Price Index for All Urban Consumers.Pension Note (Government Forecasting & Accountability) The Commission's actuary estimates that HB 5377 would reduce State contributions to TRS by $10-$14 billion between FY 2013 and FY 2045. The total savings for all five State systems combined would likely be in the $20-$28 billion range over the same time period. 2/9/2012HouseFiled with the Clerk by Rep. Michael W. Tryon 2/15/2012HouseFirst Reading 2/15/2012HouseReferred to Rules Committee 2/21/2012HouseAssigned to Personnel and Pensions Committee 2/28/2012HousePension Note Filed 3/9/2012HouseRule 19(a) / Re-referred to Rules Committee 1/8/2013HouseSession Sine Die