IL HB2851 | 2019-2020 | 101st General Assembly

Status

Spectrum: Partisan Bill (Republican 1-0)
Status: Introduced on February 14 2019 - 25% progression
Action: 2019-03-29 - Rule 19(a) / Re-referred to Rules Committee
Pending: House Rules Committee
Text: Latest bill text (Introduced) [HTML]

Summary

Amends the General Assembly, State Employees, Downstate Teachers, and Judges Articles of the Illinois Pension Code. Requires each System to establish a self-managed plan that shall offer participants the opportunity to accumulate assets for retirement through a combination of participant and State contributions that may be invested. Provides that the System shall establish an opening account balance in the self-managed plan for a participant who elects to participate in the self-managed plan and elects to terminate all rights and credits in the System due to previous participation in the traditional benefit package. Provides that a participant in the self-managed plan may not participate in any other retirement program administered by the System. Contains provisions concerning definitions; default investments; contributions; employer pick-up of contributions; vesting; disability benefits; return to service; and termination of the plan. Provides that any benefit increase that results from the amendatory Act is excluded from the definition of "new benefit increase". Makes other changes. Makes conforming changes in the State Employees Group Insurance Act of 1971. Amends the State Mandates Act to require implementation without reimbursement by the State. Effective immediately.

Tracking Information

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Title

PEN CD-SELF-MANAGED PLAN

Sponsors


History

DateChamberAction
2019-03-29HouseRule 19(a) / Re-referred to Rules Committee
2019-03-06HouseTo Pension Reform Subcommittee
2019-02-26HouseAssigned to Personnel & Pensions Committee
2019-02-14HouseReferred to Rules Committee
2019-02-14HouseFirst Reading
2019-02-14HouseFiled with the Clerk by Rep. Thomas Morrison

Code Citations

ChapterArticleSectionCitation TypeStatute Text
308058.43New CodeSee Bill Text
4051-160Amended CodeCitation Text
4051-161Amended CodeCitation Text
40514-103.42New CodeSee Bill Text
40514-103.43New CodeSee Bill Text
40514-133.2New CodeSee Bill Text
40514-152.1Amended CodeCitation Text
40516-122.2New CodeSee Bill Text
40516-122.3New CodeSee Bill Text
40516-158.4New CodeSee Bill Text
40516-203Amended CodeCitation Text
40518-118.1New CodeSee Bill Text
40518-118.2New CodeSee Bill Text
40518-133.2New CodeSee Bill Text
40518-169Amended CodeCitation Text
4052-105.1Repealed CodeCitation Text
4052-105.3New CodeSee Bill Text
4052-107.5New CodeSee Bill Text
4052-107.6New CodeSee Bill Text
4052-126.8New CodeSee Bill Text
4052-162Amended CodeCitation Text
537510Amended CodeCitation Text
53753Amended CodeCitation Text

Illinois State Sources


Bill Comments

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