IL HB4712 | 2019-2020 | 101st General Assembly
Status
Spectrum: Partisan Bill (Republican 1-0)
Status: Introduced on February 6 2020 - 25% progression, died in committee
Action: 2020-06-23 - Rule 19(b) / Re-referred to Rules Committee
Pending: House Rules Committee
Text: Latest bill text (Introduced) [HTML]
Status: Introduced on February 6 2020 - 25% progression, died in committee
Action: 2020-06-23 - Rule 19(b) / Re-referred to Rules Committee
Pending: House Rules Committee
Text: Latest bill text (Introduced) [HTML]
Summary
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.
Title
PENCD-DEFINED CONTRIBUTION PLN
Sponsors
History
Date | Chamber | Action |
---|---|---|
2020-06-23 | House | Rule 19(b) / Re-referred to Rules Committee |
2020-03-12 | House | Assigned to Personnel & Pensions Committee |
2020-02-18 | House | Referred to Rules Committee |
2020-02-18 | House | First Reading |
2020-02-06 | House | Filed with the Clerk by Rep. Joe Sosnowski |
Code Citations
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 |
Illinois State Sources
Type | Source |
---|---|
Summary | https://www.ilga.gov/legislation/BillStatus.asp?DocNum=4712&GAID=15&DocTypeID=HB&SessionID=108&GA=101 |
Text | https://www.ilga.gov/legislation/101/HB/10100HB4712.htm |