IL HB5472 | 2017-2018 | 100th General Assembly

Status

Spectrum: Partisan Bill (Democrat 1-0)
Status: Introduced on February 16 2018 - 25% progression
Action: 2018-02-16 - Referred to Rules Committee
Pending: House Rules Committee
Text: Latest bill text (Introduced) [HTML]

Summary

Amends the State Employee, State Universities, and Downstate Teacher Articles of the Illinois Pension Code. Requires each System to implement an accelerated pension benefit payment option for Tier 1 members who have submitted an application for a retirement annuity and meet other requirements. Requires each System to offer an eligible Tier 1 member the opportunity to irrevocably elect to have his or her automatic annual increases in retirement annuity calculated using the Tier 2 formula in exchange for an accelerated pension benefit payment equal to 70% of the difference of the present value of the automatic annual increases in the Tier 1 member's retirement annuity using the formula applicable to the Tier 1 member and the present value of the automatic annual increases in the Tier 1 member's retirement annuity using the Tier 2 formula. Contains provisions concerning definitions; return to active service; depositing the payments into other qualified retirement plans; qualified plan status; and rulemaking. Excludes the amendatory Act from the definition of "new benefit increase". Adds provisions defining "Tier 1 member" and repeals the definitions of "Tier 1 member" added by Public Act 98-599, which has been held unconstitutional. Effective immediately.

Tracking Information

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Title

PEN CD-ACCEL BENEFIT PAYMENT

Sponsors


History

DateChamberAction
2018-02-16HouseReferred to Rules Committee
2018-02-16HouseFirst Reading
2018-02-16HouseFiled with the Clerk by Rep. Robert Martwick

Code Citations

ChapterArticleSectionCitation TypeStatute Text
40514-103.40Repealed CodeCitation Text
40514-103.41New CodeSee Bill Text
40514-147.5New CodeSee Bill Text
40514-152.1Amended CodeCitation Text
40515-185.5New CodeSee Bill Text
40515-198Amended CodeCitation Text
40516-106.4Repealed CodeCitation Text
40516-106.41New CodeSee Bill Text
40516-190.5New CodeSee Bill Text
40516-203Amended CodeCitation Text

Illinois State Sources


Bill Comments

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