Illinois Senate Bill 662 (Prior Session Legislation)

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Completed Legislative Action
Spectrum: Partisan Bill (Democrat 1-0)
Status: Failed on January 9 2019 - 100% progression
Action: 2019-01-09 - Session Sine Die
Text: Latest bill text (Introduced) [HTML]

Creates the Pension Buyout Act. Authorizes the Department of Central Management Services to enter into contracts with approved vendors to provide pension buyout payments to eligible retirees in the General Assembly, State Employee, State Universities, and Judges Retirement Systems. Requires the Illinois Finance Authority to issue bonds if the amount appropriated to implement the pension buyout option is less than the amount necessary for the Department to pay the approved vendor the amount required under a contract between the Department and the approved vendor for any fiscal year. Provides that the contract entered into by the Department shall be subject to the applicable requirements of the Illinois Procurement Code. Amends the General Assembly, State Employee, State Universities, and Judges Articles of the Illinois Pension Code. Provides that an eligible retiree may relinquish his or her right to receive any benefits from the system in exchange for a lump sum payment made by an approved vendor that is equal to the present value of the retirement annuity. Provides that a person who participates in the pension buyout option shall be entitled to any benefits under the State Employees Group Insurance Act of 1971 that he or she would have otherwise been entitled to. Contains provisions concerning the form of the contract; rulemaking; notice to the System; certification to the Department of the amount of lump sum payments made; and qualified plan status. Amends the State Employees Group Insurance Act of 1971, the Department of Central Management Services Law of the Civil Administrative Code of Illinois, the Illinois Procurement Code, and the Illinois Finance Authority Act to make related changes. Effective July 1, 2018.

PEN CD-PENSION BUYOUT OPTION

Sen. Michael Hastings [D]

Date	Chamber	Action
2019-01-09	Senate	Session Sine Die
2017-05-05	Senate	Rule 3-9(a) / Re-referred to Assignments
2017-04-07	Senate	Rule 2-10 Committee Deadline Established As May 5, 2017
2017-03-17	Senate	Rule 2-10 Committee Deadline Established As April 7, 2017
2017-03-01	Senate	To Subcommittee on Pensions
2017-02-08	Senate	Assigned to Executive
2017-01-25	Senate	Referred to Assignments
2017-01-25	Senate	First Reading
2017-01-25	Senate	Filed with Secretary by Sen. Michael E. Hastings

Chapter	Article	Section	Citation Type	Statute Text
20	3501	801-40	Amended Code	Citation Text
20	405	405-298	New Code	See Bill Text
30	500	45-32	New Code	See Bill Text
40	5	14-147	Amended Code	Citation Text
40	5	14-147.5	New Code	See Bill Text
40	5	15-185	Amended Code	Citation Text
40	5	15-185.5	New Code	See Bill Text
40	5	16-190	Amended Code	Citation Text
40	5	16-190.5	New Code	See Bill Text
40	5	18-161	Amended Code	Citation Text
40	5	18-161.5	New Code	See Bill Text
40	5	2-154	Amended Code	Citation Text
40	5	2-154.5	New Code	See Bill Text
5	375	10	Amended Code	Citation Text
5	375	3	Amended Code	Citation Text

Type	Source
Summary	https://www.ilga.gov/legislation/BillStatus.asp?DocNum=662&GAID=14&DocTypeID=SB&SessionID=91&GA=100
Text	https://www.ilga.gov/legislation/100/SB/10000SB0662.htm