IL HB1325 | 2011-2012 | 97th General Assembly
Status
Completed Legislative Action
Spectrum: Partisan Bill (Democrat 1-0)
Status: Failed on January 8 2013 - 100% progression
Action: 2013-01-08 - Session Sine Die
Text: Latest bill text (Amended) [HTML]
Spectrum: Partisan Bill (Democrat 1-0)
Status: Failed on January 8 2013 - 100% progression
Action: 2013-01-08 - Session Sine Die
Text: Latest bill text (Amended) [HTML]
Summary
Amends the Illinois Pension Code. Authorizes each pension fund and retirement system to establish and administer an optional retirement plan. Sets forth requirements for the plans. Authorizes each employer that is subject to the Code to make an irrevocable election to participate in the plan. Requires each fund to solicit proposals to provide administrative services and funding vehicles for the plan. Requires those proposals to be assessed using specified criteria. Authorizes employees to direct the investment of their plan balances. Indemnifies fund fiduciaries. Also contains provisions concerning: participation in the plan; establishment of an initial account balance; duplication of service credit; required contributions; termination; vesting; withdrawal; return to service; benefit amounts; and the making of plan elections. Amends the State Mandates Act to require implementation without reimbursement.
Title
PEN CD-OPTIONAL RET PLAN
Sponsors
History
| Date | Chamber | Action |
|---|---|---|
| 2013-01-08 | House | Session Sine Die |
| 2011-03-17 | House | Rule 19(a) / Re-referred to Rules Committee |
| 2011-03-17 | House | House Committee Amendment No. 1 Tabled Pursuant to Rule 40 |
| 2011-03-15 | House | House Committee Amendment No. 1 Referred to Rules Committee |
| 2011-03-15 | House | House Committee Amendment No. 1 Filed with Clerk by Rep. Greg Harris |
| 2011-02-14 | House | Assigned to Personnel and Pensions Committee |
| 2011-02-09 | House | Referred to Rules Committee |
| 2011-02-09 | House | First Reading |
| 2011-02-09 | House | Filed with the Clerk by Rep. Greg Harris |
Code Citations
| Chapter | Article | Section | Citation Type | Statute Text |
|---|---|---|---|---|
| 30 | 805 | 8.35 | New Code | See Bill Text |
| 40 | 5 | 25-101 | New Code | See Bill Text |
| 40 | 5 | 25-102 | New Code | See Bill Text |
| 40 | 5 | Art. 25 | New Code | See Bill Text |
| 40 | 5 | Art. 25 | New Code | See Bill Text |
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| 40 | 5 | Art. 25 | New Code | See Bill Text |
| 40 | 5 | Art. 25 | New Code | See Bill Text |
| 40 | 5 | Art. 25 | New Code | See Bill Text |
| 40 | 5 | Art. 25 | New Code | See Bill Text |
| 40 | 5 | Art. 25 | New Code | See Bill Text |
| 40 | 5 | Art. 25 | New Code | See Bill Text |
| 40 | 5 | Art. 25 | New Code | See Bill Text |
| 40 | 5 | Art. 25 | New Code | See Bill Text |
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