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HB 2477

To increase the COLA by 15% for all retired state employees

2025 Regular Session Introduced by Jordan Bridges and 10 co-sponsors

HB 2477 boosts retirement benefits by 15% for all retired state employees in Illinois, enhancing their financial security amid rising living costs.

To House Investments
#statepersonnel
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WeVote Research Nonpartisan
Bill Summary · HB 2477

Summary of HB 2477 - Cost-of-Living Adjustment for Retired State Employees

Bill Overview

  • Bill Number: HB 2477
  • Title: To increase the COLA by 15% for all retired state employees
  • Introduced: February 3, 2025
  • Status: To House Investments
  • Classification: Bill
  • Subject: State Personnel

Purpose and Intent

House Bill 2477 aims to provide a 15% cost-of-living adjustment (COLA) to all retired state employees in Illinois. The intent of this legislation is to enhance the financial security of retirees by adjusting their retirement benefits to better reflect inflation and the rising cost of living.

Key Provisions

  1. Amendments to the Illinois Pension Code:

    • The bill proposes amendments to Sections 15-135 and 15-198 of the Illinois Pension Code.
    • Specifically, it allows for a 15% increase in retirement annuities for all retired state employees.

  2. Eligibility:

    • The COLA applies to all retired state employees who are currently receiving retirement benefits.
    • The bill does not specify additional eligibility criteria beyond current retirement status.

  3. Exclusions:

    • Any benefit increase resulting from this bill will be excluded from the definition of a "new benefit increase," which may affect future funding and adjustments.

  4. Implementation:

    • The bill amends the State Mandates Act to require implementation of the COLA without reimbursement to local governments or agencies.

Impact

  • Affected Parties:

    • All retired state employees in Illinois will benefit from the increased COLA, which is intended to provide them with greater financial stability.
    • The bill may also impact state budgets and pension funding, as it requires additional funding to support the increased benefits.

  • Financial Considerations:

    • The bill mandates that the General Assembly must provide additional funding to cover the costs associated with the COLA increase.

Procedural Aspects

  • Legislative Timeline:
    • February 3, 2025: Bill filed with the Clerk by Rep. Stephanie A. Kifowit.
    • February 4, 2025: First reading and referred to the Rules Committee.
    • February 20, 2025: Sent to House Investments.
    • March 4, 2025: Assigned to Appropriations-Pensions & Personnel.
    • March 21, 2025: Re-referred to the Rules Committee.

Conclusion

HB 2477 represents a significant step towards improving the financial well-being of retired state employees in Illinois by providing a much-needed cost-of-living adjustment. The proposed 15% increase aims to address the challenges posed by inflation and ensure that retirees can maintain their standard of living. As the bill progresses through the legislative process, its implications for state finances and the pension system will be closely monitored.

Compiled from official sources — confirm details with the bill’s official record.

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