Illinois House Bill 5666 (Prior Session Legislation)

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Completed Legislative Action
Spectrum: Partisan Bill (Republican 1-0)
Status: Failed on January 8 2013 - 100% progression
Action: 2013-01-08 - Session Sine Die
Text: Latest bill text (Introduced) [HTML]

Amends the Illinois Municipal Retirement Fund (IMRF) Article of the Illinois Pension Code. Allows persons who first become participants on or after January 1, 2011 to elect to participate in a self-managed program of retirement benefits instead of the program of reformed retirement benefits currently offered. Provides that a self-managed plan shall authorize a participant to accumulate assets for retirement through a combination of employer and employee contributions that may be invested at the participant's direction in mutual funds, collective investment funds, or other investment products and used to purchase annuity contracts. Requires the Fund to make the self-managed plan available within 6 months after the effective date of the amendatory Act. Amends the State Mandates Act to require implementation without reimbursement. Effective immediately.

PEN CD-IMRF-SELF MANAGED PLAN

Rep. Mike Fortner [R]

Date	Chamber	Action
2013-01-08	House	Session Sine Die
2012-02-16	House	Referred to Rules Committee
2012-02-16	House	First Reading
2012-02-16	House	Filed with the Clerk by Rep. Mike Fortner

Chapter	Article	Section	Citation Type	Statute Text
30	805	8.36	New Code	See Bill Text
40	5	7-130.1	New Code	See Bill Text
40	5	7-130.2	New Code	See Bill Text
40	5	7-140.5	New Code	See Bill Text
40	5	7-173	Amended Code	Citation Text
40	5	7-173.3	New Code	See Bill Text

Type	Source
Summary	https://www.ilga.gov/legislation/BillStatus.asp?DocNum=5666&GAID=11&DocTypeID=HB&SessionID=84&GA=97
Text	https://www.ilga.gov/legislation/97/HB/09700HB5666.htm