Illinois House Bill 3276 (Prior Session Legislation)

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Spectrum: Partisan Bill (Republican 1-0)
Status: Introduced on February 25 2015 - 25% progression, died in committee
Action: 2015-02-26 - Referred to Rules Committee
Pending: House Rules Committee
Text: Latest bill text (Introduced) [HTML]

Amends the General Assembly Article of the Illinois Pension Code. Requires the General Assembly Retirement System to establish a self-directed retirement plan. Provides that for persons who become a participant on or after the effective date of the amendatory Act, participation in the System shall be limited to participation in the self-directed retirement plan. Allows a Tier 1 or Tier 2 participant to make an irrevocable election to participate in the self-directed retirement plan instead of the defined benefit plan. Makes changes to the pensionable salary for active participants. Provides that upon a participant's first day of participation in the self-directed retirement plan, the participant becomes vested in his or her contributions to the self-directed retirement plan, the employer's contributions to the self-directed retirement plan, and the investment returns attributable to those contributions credited to his or her account. Provides a new funding formula for State contributions, with a 100% funding goal through 2045 (determined using the entry age normal actuarial cost method) and a 100% funding goal thereafter.

PEN CD-GARS SELF-DIRECTED PLAN

Rep. Ronald Sandack [R]

Date	Chamber	Action
2015-02-26	House	Referred to Rules Committee
2015-02-26	House	First Reading
2015-02-25	House	Filed with the Clerk by Rep. Ron Sandack

Chapter	Article	Section	Citation Type	Statute Text
40	5	2-105.1	Amended Code	Citation Text
40	5	2-124	Amended Code	Citation Text
40	5	2-134	Amended Code	Citation Text
40	5	2-167	New Code	See Bill Text

Type	Source
Summary	https://www.ilga.gov/legislation/BillStatus.asp?DocNum=3276&GAID=13&DocTypeID=HB&SessionID=88&GA=99
Text	https://www.ilga.gov/legislation/99/HB/09900HB3276.htm