Illinois House Bill 3375 (Prior Session Legislation)

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Spectrum: Partisan Bill (Republican 1-0)
Status: Introduced on February 19 2021 - 25% progression, died in committee
Action: 2021-03-27 - Rule 19(a) / Re-referred to Rules Committee
Pending: House Rules Committee
Text: Latest bill text (Introduced) [HTML]

Amends the General Assembly, State Employee, State Universities, Downstate Teachers, and Judges Articles of the Illinois Pension Code. Requires the Board of each System to establish and maintain a voluntary defined contribution plan to address the retirement preparedness gap for participants in a defined benefit plan who are not on track to maintain their standard of living in retirement. Provides that the contribution rate shall be established by the Board. Provides that the plan shall exist and serve in addition to other retirement, pension, and benefit plans established under the Code. Provides that any Tier 2 participant who first becomes a participant on or after establishment of the plan shall automatically be enrolled, unless he or she opts out within 60 days after first becoming a participant. Authorizes Tier 1 participants and Tier 2 participants who first became participants before the plan was established to enroll in the plan. Contains provisions concerning investment options, qualified plan status, and distribution requirements. Defines terms and repeals a definition added by Public Act 98-599, which has been held unconstitutional. Effective immediately.

PENCD-DEFINED CONTRIBUTION PLN

Rep. Joe Sosnowski [R]

Date	Chamber	Action
2021-03-27	House	Rule 19(a) / Re-referred to Rules Committee
2021-03-16	House	Assigned to Personnel & Pensions Committee
2021-02-22	House	Referred to Rules Committee
2021-02-22	House	First Reading
2021-02-19	House	Filed with the Clerk by Rep. Joe Sosnowski

Chapter	Article	Section	Citation Type	Statute Text
40	5	14-103.43	New Code	See Bill Text
40	5	14-155.5	New Code	See Bill Text
40	5	15-200.5	New Code	See Bill Text
40	5	16-106.42	New Code	See Bill Text
40	5	16-205.5	New Code	See Bill Text
40	5	18-110.1	New Code	See Bill Text
40	5	18-110.2	New Code	See Bill Text
40	5	18-121.5	New Code	See Bill Text
40	5	2-105.1	Repealed Code	Citation Text
40	5	2-105.3	New Code	See Bill Text
40	5	2-165.5	New Code	See Bill Text

Type	Source
Summary	https://www.ilga.gov/legislation/BillStatus.asp?DocNum=3375&GAID=16&DocTypeID=HB&SessionID=110&GA=102
Text	https://www.ilga.gov/legislation/102/HB/10200HB3375.htm