Illinois House Bill 3424 (Prior Session Legislation)

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Sponsorship: Partisan Bill (Republican 1)
Status: Introduced on February 26 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 Illinois Pension Code. Provides that the 5 State-funded retirement systems shall establish self-directed retirement plans for all active participants. Provides that, except for certain annuitants who have 30 years of service credit, an annuitant shall not receive an automatic increase in retirement annuity. Requires the Public Pension Division of the Department of Insurance to develop a schedule that, subject to certain requirements, increases the minimum retirement age of active participants who are ineligible to retire as of the effective date of the amendatory Act. Provides that the Division's schedule shall also provide for the adjustment of minimum retirement ages using a matrix that (i) takes into account the current statutory retirement age for various classes of persons and service credit accrued by those persons and (ii) proportionally discounts the increase in statutory retirement ages based on proximity to the currently established minimum retirement age. Requires a participant, except for a participant who is a covered employee under the State Employee Article, to contribute 8% of his or her compensation to the plan and requires the employer to contribute 7% of the participant's compensation to the plan. Establishes a schedule for vesting in employer contributions. Beginning State fiscal year 2016, makes changes to the prescribed funding formulas for the 5 State-funded retirement systems.

PENCD-ST SYS-SELF DIRECT PLAN

Rep. Thomas Morrison [R]

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

Chapter	Article	Section	Citation Type	Statute Text
40	5	1-161	New Code	See Bill Text
40	5	14-131	Amended Code	Citation Text
40	5	14-135.08	Amended Code	Citation Text
40	5	15-155	Amended Code	Citation Text
40	5	15-165	Amended Code	Citation Text
40	5	16-158	Amended Code	Citation Text
40	5	18-131	Amended Code	Citation Text
40	5	18-140	Amended Code	Citation Text
40	5	2-124	Amended Code	Citation Text
40	5	2-134	Amended Code	Citation Text

Type	Source
Summary	https://www.ilga.gov/legislation/BillStatus.asp?DocNum=3424&GAID=13&DocTypeID=HB&SessionID=88&GA=99
Text	https://www.ilga.gov/legislation/99/HB/09900HB3424.htm