IL HB4870 | 2023-2024 | 103rd General Assembly
Status
Spectrum: Bipartisan Bill
Status: Engrossed on April 16 2024 - 50% progression
Action: 2024-04-23 - Added as Alternate Chief Co-Sponsor Sen. Neil Anderson
Pending: Senate Assignments Committee
Text: Latest bill text (Engrossed) [HTML]
Status: Engrossed on April 16 2024 - 50% progression
Action: 2024-04-23 - Added as Alternate Chief Co-Sponsor Sen. Neil Anderson
Pending: Senate Assignments Committee
Text: Latest bill text (Engrossed) [HTML]
Summary
Amends the State Employee Article of the Illinois Pension Code. Provides that a member who is eligible to receive an alternative retirement annuity may elect to receive an estimated payment that shall commence no later than 30 days after the later of either the member's last day of employment or 30 days after the member files for the retirement benefit with the System. Provides that the estimated payment shall be the best estimate by the System of the total monthly amount due to the member based on the information that the System possesses at the time of the estimate. Provides that if the amount of the estimate is greater or less than the actual amount of the monthly annuity, the System shall pay or recover the difference within 6 months after the start of the monthly annuity. Excludes a benefit increase resulting from the amendatory Act from the definition of "new benefit increase". Effective immediately.
Title
PENCD-SERS-ALTERNATIVE ANNUITY
Sponsors
| Rep. Stephanie Kifowit [D] | Rep. Brandun Schweizer [R] | Rep. Dagmara Avelar [D] | Sen. Robert Martwick [D] |
| Sen. Neil Anderson [R] |
Roll Calls
2024-04-16 - House - Third Reading in House (Y: 111 N: 0 NV: 1 Abs: 1) [PASS]
History
| Date | Chamber | Action |
|---|---|---|
| 2024-04-23 | Senate | Added as Alternate Chief Co-Sponsor Sen. Neil Anderson |
| 2024-04-19 | Senate | Referred to Assignments |
| 2024-04-19 | Senate | First Reading |
| 2024-04-19 | Senate | Chief Senate Sponsor Sen. Robert F. Martwick |
| 2024-04-17 | Senate | Placed on Calendar Order of First Reading April 18, 2024 |
| 2024-04-17 | Senate | Arrive in Senate |
| 2024-04-16 | House | Added Chief Co-Sponsor Rep. Brandun Schweizer |
| 2024-04-16 | House | Third Reading - Short Debate - Passed 111-000-000 |
| 2024-04-11 | House | Placed on Calendar Order of 3rd Reading - Short Debate |
| 2024-04-11 | House | Second Reading - Short Debate |
| 2024-03-19 | House | Added Co-Sponsor Rep. Dagmara Avelar |
| 2024-03-14 | House | Placed on Calendar 2nd Reading - Short Debate |
| 2024-03-14 | House | Do Pass / Short Debate Personnel & Pensions Committee; 010-000-000 |
| 2024-02-28 | House | Assigned to Personnel & Pensions Committee |
| 2024-02-07 | House | Referred to Rules Committee |
| 2024-02-07 | House | First Reading |
| 2024-02-06 | House | Filed with the Clerk by Rep. Stephanie A. Kifowit |
Code Citations
| Chapter | Article | Section | Citation Type | Statute Text |
|---|---|---|---|---|
| 40 | 5 | 14-110 | Amended Code | Citation Text |
| 40 | 5 | 14-152.1 | Amended Code | Citation Text |
