40 ILCS 5/2-162
2021 Illinois Compiled Statutes|Chapter 40 - PENSIONS|40 ILCS 5/ - Illinois Pension Code.|Article 2 - General Assembly Retirement System

(Text of Section WITH the changes made by P.A. 98-599, which has been  held unconstitutional)Sec. 2-162. Application and expiration of new benefit increases.(a) As used in this Section, "new benefit increase" means an increase in the amount of any benefit provided under this Article, or an expansion of the conditions of  eligibility for any benefit under this Article, that results from an amendment to this Code that takes effect after the effective date of this amendatory Act of the 94th General Assembly. "New benefit increase", however, does not include any benefit increase resulting from the changes made to this Article by this amendatory Act of the 98th General Assembly.(b) Notwithstanding any other provision of this Code or any subsequent amendment to this Code, every  new benefit increase is subject to this Section and shall be deemed to be granted only in conformance with and contingent upon compliance with the provisions of this Section.(c) The Public Act enacting a new benefit increase must identify and provide for payment to the System of additional funding at least sufficient to fund the resulting annual increase in cost to  the System as it accrues.Every  new benefit increase is contingent upon the General Assembly providing the additional funding required under this subsection. The Commission on Government Forecasting and Accountability shall analyze whether adequate additional funding has been provided for the new benefit increase and shall report its analysis to the Public Pension Division of the Department of Insurance.  A new benefit increase created by a Public Act that does not include the additional funding required under this subsection is null and void. If the Public Pension Division determines that the additional funding provided for a new benefit increase under this subsection is or has become inadequate, it may so certify to the Governor and the State Comptroller and, in the absence of corrective  action by the General Assembly, the new benefit increase shall expire at the end of the fiscal year in which the certification is made.(d) Every  new benefit increase shall expire 5 years after its effective date or on such earlier date as may be specified in the language enacting the new benefit increase or provided under subsection (c).  This does  not prevent the General Assembly from extending or re-creating a new benefit increase by law.(e) Except as otherwise provided in the language creating the new benefit increase,  a new benefit increase that expires under this Section continues to apply to persons who applied and qualified for the affected benefit while the new benefit increase  was in effect and to the affected beneficiaries and alternate payees of such persons, but does not apply to any other person, including without limitation a person  who continues in service after the expiration date and did not apply and qualify for the affected benefit while the new benefit increase was in effect.  (Source: P.A. 98-599, eff. 6-1-14.)(Text of Section WITHOUT the changes made by P.A. 98-599, which has been  held unconstitutional)Sec. 2-162. Application and expiration of new benefit increases.(a) As used in this Section, "new benefit increase" means an increase in the amount of any benefit provided under this Article, or an expansion of the conditions of  eligibility for any benefit under this Article, that results from an amendment to this Code that takes effect after the effective date of this amendatory Act of the 94th General Assembly.(b) Notwithstanding any other provision of this Code or any subsequent amendment to this Code, every  new benefit increase is subject to this Section and shall be deemed to be granted only in conformance with and contingent upon compliance with the provisions of this Section.(c) The Public Act enacting a new benefit increase must identify and provide for payment to the System of additional funding at least sufficient to fund the resulting annual increase in cost to  the System as it accrues.Every  new benefit increase is contingent upon the General Assembly providing the additional funding required under this subsection. The Commission on Government Forecasting and Accountability shall analyze whether adequate additional funding has been provided for the new benefit increase and shall report its analysis to the Public Pension Division of the Department of Financial and Professional Regulation.  A new benefit increase created by a Public Act that does not include the additional funding required under this subsection is null and void. If the Public Pension Division determines that the additional funding provided for a new benefit increase under this subsection is or has become inadequate, it may so certify to the Governor and the State Comptroller and, in the absence of corrective  action by the General Assembly, the new benefit increase shall expire at the end of the fiscal year in which the certification is made.(d) Every  new benefit increase shall expire 5 years after its effective date or on such earlier date as may be specified in the language enacting the new benefit increase or provided under subsection (c).  This does  not prevent the General Assembly from extending or re-creating a new benefit increase by law.(e) Except as otherwise provided in the language creating the new benefit increase,  a new benefit increase that expires under this Section continues to apply to persons who applied and qualified for the affected benefit while the new benefit increase  was in effect and to the affected beneficiaries and alternate payees of such persons, but does not apply to any other person, including without limitation a person  who continues in service after the expiration date and did not apply and qualify for the affected benefit while the new benefit increase was in effect.  (Source: P.A. 94-4, eff. 6-1-05.)