IL HB2903 | 2017-2018 | 100th General Assembly

Status

Spectrum: Partisan Bill (Republican 1-0)
Status: Introduced on February 9 2017 - 25% progression
Action: 2017-03-31 - House Committee Amendment No. 1 Rule 19(a) / Re-referred to Rules Committee
Pending: House Rules Committee
Text: Latest bill text (Introduced) [HTML]

Summary

Creates the Pension Buyout Act. Authorizes the Department of Central Management Services to enter into contracts with approved vendors to provide pension buyout payments to eligible persons in the State Universities and Downstate Teachers Articles. Requires the Illinois Finance Authority to issue bonds if the amount appropriated to implement the pension buyout option is less than the amount necessary for the Department to pay the approved vendor the amount required under a contract between the Department and the approved vendor for any fiscal year. Amends the State Universities and Downstate Teachers Articles of the Illinois Pension Code. Provides that an eligible person may relinquish his or her right to receive any benefits from the System in exchange for a lump sum payment made by an approved vendor that is equal to the present value of the retirement annuity. Contains provisions concerning the form of the contract; rulemaking; notice to the system; certification to the Department of the amount of lump sum payments made; and qualified plan status. Establishes optional defined contribution plans. Provides that a person who participates in the pension buyout option or the defined contribution plan shall be entitled to any benefits under the State Employees Group Insurance Act of 1971 that he or she would have otherwise been entitled to. Amends the State Employees Group Insurance Act of 1971, the Department of Central Management Services Law of the Civil Administrative Code of Illinois, the Illinois Procurement Code, and the Illinois Finance Authority Act to make related changes. Amends the State Mandates Act to require implementation without reimbursement. Effective immediately.

Tracking Information

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Title

PEN CD-PENSION BUYOUT OPTION

Sponsors


History

DateChamberAction
2017-03-31HouseHouse Committee Amendment No. 1 Rule 19(a) / Re-referred to Rules Committee
2017-03-31HouseRule 19(a) / Re-referred to Rules Committee
2017-03-21HouseHouse Committee Amendment No. 1 Rules Refers to Personnel & Pensions Committee
2017-03-15HouseHouse Committee Amendment No. 1 Referred to Rules Committee
2017-03-15HouseHouse Committee Amendment No. 1 Filed with Clerk by Rep. Mike Fortner
2017-02-22HouseAssigned to Personnel & Pensions Committee
2017-02-09HouseReferred to Rules Committee
2017-02-09HouseFirst Reading
2017-02-09HouseFiled with the Clerk by Rep. Mike Fortner

Code Citations

ChapterArticleSectionCitation TypeStatute Text
203501801-40Amended CodeCitation Text
20405405-298New CodeSee Bill Text
3050045-32New CodeSee Bill Text
308058.41New CodeSee Bill Text
40515-108.1Amended CodeCitation Text
40515-108.2Amended CodeCitation Text
40515-108.3New CodeSee Bill Text
40515-185Amended CodeCitation Text
40515-185.5New CodeSee Bill Text
40515-198Amended CodeCitation Text
40515-200.5New CodeSee Bill Text
40516-106.40New CodeSee Bill Text
40516-106.41New CodeSee Bill Text
40516-106.42New CodeSee Bill Text
40516-106.43New CodeSee Bill Text
40516-190Amended CodeCitation Text
40516-190.5New CodeSee Bill Text
40516-203Amended CodeCitation Text
40516-205.5New CodeSee Bill Text
40516-205.6New CodeSee Bill Text
40520-121Amended CodeCitation Text
40520-123Amended CodeCitation Text
40520-124Amended CodeCitation Text
40520-125Amended CodeCitation Text
537510Amended CodeCitation Text
53753Amended CodeCitation Text

Illinois State Sources


Bill Comments

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