IL HB6149 | 2011-2012 | 97th General Assembly
Status
January 8 2013 - Session Sine Die
Text: Latest bill text (Introduced) [HTML]
Text: Latest bill text (Introduced) [HTML]
Summary
Amends the Illinois Pension Code in relation to the 5 State-funded retirement systems. For persons who first become participants on or after July 1, 2013, creates a new benefit package based on an individual "notional cash balance account" instead of the regular benefits of the systems. The plan provides for a different employee contribution rate; for retirement and survivor's annuities based on the participant's account balance; and for annual increases of the lesser of 3% or 1/2 of the annual increase in the cpi-u. Includes other provisions. Also includes conforming and technical changes. Amends the State Mandates Act to require implementation without reimbursement. Effective January 1, 2013.
Title
PEN CD-CASH BALANCE ACCOUNTS
Sponsors
History
| Date | Chamber | Action |
|---|---|---|
| 2013-01-08 | House | Session Sine Die |
| 2012-04-10 | House | Referred to Rules Committee |
| 2012-04-10 | House | First Reading |
| 2012-04-05 | House | Filed with the Clerk by Rep. Daniel Biss |
Code Citations
Illinois State Sources
| Type | Source |
|---|---|
| Summary | http://www.ilga.gov/legislation/BillStatus.asp?DocNum=6149&GAID=11&DocTypeID=HB&SessionID=84&GA=97 |
| Text | http://www.ilga.gov/legislation/97/HB/09700HB6149.htm |
