PEN CD-TIER 1 ANNUAL INCREASES

Amends the General Provisions Article of the Illinois Pension Code. Provides that a Tier 1 participant of a pension fund or retirement system, except for a pension fund established under the Downstate Police, Downstate Firefighter, Chicago Police, or Chicago Firefighter Article, may irrevocably elect to have increases to his or her retirement annuity or supplemental annuity based on the annual unadjusted percentage increase in the consumer price index-u for a specified 12-month period. Requires each pension fund or retirement system to inform Tier 1 participants that they have the option to make that election. Provides that the changes apply without regard to whether the Tier 1 participant is in active service on or after the effective date of the amendatory Act. Effective immediately.