PEN CD-NEW HIRES-INCREASES

Amends the Illinois Pension Code. In provisions concerning annual increases for retirement or supplemental annuities, provides that the increase calculated at 3% or the annual increase in the consumer price index-u for the preceding calendar year (rather than 3% or one-half the annual increase in the consumer price index-u for the preceding calendar year), whichever is less, of the retirement annuity then being paid (rather than of the originally granted retirement annuity). Amends the State Mandates Act to require implementation without reimbursement. Effective July 1, 2011.