IL SB0043 | 2021-2022 | 102nd General Assembly

Status

Spectrum: Partisan Bill (Democrat 1-0)
Status: Introduced on January 29 2021 - 25% progression
Action: 2021-04-16 - Rule 3-9(a) / Re-referred to Assignments
Pending: Senate Assignments Committee
Text: Latest bill text (Introduced) [HTML]

Summary

Amends the Illinois Pension Code. In the Illinois Municipal Retirement Fund (IMRF) Article, provides that retirement annuities shall be payable upon attainment of the required age of distribution under a specified provision of the Internal Revenue Code of 1986 (instead of age 70 1/2). In the State Universities Article, provides that if a participant is not an employee of an employer participating in the System or in a reciprocal system on April 1 of the calendar year next following the calendar year in which the participant attains the age specified under a provision of the Internal Revenue Code of 1986 (instead of the age of 70 1/2), the annuity payment period shall begin on that date. In a provision of the Downstate Teacher Article concerning the required distribution of monthly survivor benefits for certain persons, provides that the distribution shall become payable on certain dates or December 1 of the calendar year in which the deceased member or annuitant would have attained age 72 (instead of 70 1/2), whichever occurs latest. Amends the State Mandates Act to require implementation without reimbursement. Effective immediately.

Tracking Information

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Title

PENCD-BENEFIT DISTRIBUTION AGE

Sponsors


History

DateChamberAction
2021-04-16SenateRule 3-9(a) / Re-referred to Assignments
2021-03-03SenatePostponed - Pensions
2021-02-09SenateAssigned to Pensions
2021-01-29SenateReferred to Assignments
2021-01-29SenateFirst Reading
2021-01-29SenateFiled with Secretary by Sen. Robert F. Martwick

Code Citations

ChapterArticleSectionCitation TypeStatute Text
308058.45New CodeSee Bill Text
40514-121.1Amended CodeCitation Text
40515-135Amended CodeCitation Text
40516-142.3Amended CodeCitation Text
40518-128.3Amended CodeCitation Text
4052-121.3Amended CodeCitation Text
4057-141Amended CodeCitation Text

Illinois State Sources


Bill Comments 750

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