IL SB1763 | 2017-2018 | 100th General Assembly

Status

Spectrum: Partisan Bill (Republican 18-0)
Status: Introduced on February 9 2017 - 25% progression
Action: 2017-02-15 - Added as Co-Sponsor Sen. Chuck Weaver
Pending: Senate Assignments Committee
Text: Latest bill text (Introduced) [HTML]

Summary

Amends the General Assembly Article of the Illinois Pension Code. Requires active Tier 1 employees to elect either to (i) have automatic annual increases in retirement annuity and survivor's annuity delayed and reduced or (ii) maintain the current benefit package with additional limitations on pensionable salary. Provides that a Tier 1 employee who elects item (i) is entitled to have future increases in income treated as pensionable income, have contributions reduced to a specified rate, and receive a consideration payment of 10% of contributions made prior to the election. Provides that a Tier 1 employee who elects item (ii) is not eligible to have future increases in income treated as pensionable income. Makes funding changes and requires recertification of State contributions for fiscal years 2018 and 2019. Establishes a voluntary defined contribution plan for certain eligible Tier 1 participants and repeals provisions concerning the defined contribution plan added by Public Act 98-599, which has been held unconstitutional. Makes conforming changes in the Retirement Systems Reciprocal Act (Article 20 of the Code). Restricts participation in the System to persons who became participants before the effective date. Amends the State Pension Funds Continuing Appropriation Act to provide a continuing appropriation for the amounts of the consideration payments. Effective immediately.

Tracking Information

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Title

PEN CD-GARS-TIER 1 ELECTION

Sponsors


History

DateChamberAction
2017-02-15SenateAdded as Co-Sponsor Sen. Chuck Weaver
2017-02-15SenateAdded as Co-Sponsor Sen. Pamela J. Althoff
2017-02-15SenateAdded as Co-Sponsor Sen. Chapin Rose
2017-02-15SenateAdded as Co-Sponsor Sen. Jil Tracy
2017-02-15SenateAdded as Co-Sponsor Sen. Dave Syverson
2017-02-15SenateAdded as Co-Sponsor Sen. Dale A. Righter
2017-02-15SenateAdded as Co-Sponsor Sen. Dan McConchie
2017-02-15SenateAdded as Co-Sponsor Sen. Karen McConnaughay
2017-02-15SenateAdded as Co-Sponsor Sen. Jim Oberweis
2017-02-15SenateAdded as Co-Sponsor Sen. Tim Bivins
2017-02-15SenateAdded as Co-Sponsor Sen. Michael Connelly
2017-02-15SenateAdded as Co-Sponsor Sen. Kyle McCarter
2017-02-09SenateReferred to Assignments
2017-02-09SenateFirst Reading
2017-02-09SenateCo-Sponsor Sen. Dale Fowler
2017-02-09SenateCo-Sponsor Sen. Paul Schimpf
2017-02-09SenateChief Co-Sponsor Sen. Sue Rezin
2017-02-09SenateChief Co-Sponsor Sen. Tom Rooney
2017-02-09SenateChief Co-Sponsor Sen. Neil Anderson
2017-02-09SenateFiled with Secretary by Sen. William E. Brady

Code Citations

ChapterArticleSectionCitation TypeStatute Text
40151.9New CodeSee Bill Text
4052-101Amended CodeCitation Text
4052-105Amended CodeCitation Text
4052-105.3New CodeSee Bill Text
4052-107Amended CodeCitation Text
4052-107.10New CodeSee Bill Text
4052-107.9New CodeSee Bill Text
4052-108Amended CodeCitation Text
4052-110.3New CodeSee Bill Text
4052-119.1Amended CodeCitation Text
4052-124Amended CodeCitation Text
4052-126Amended CodeCitation Text
4052-134Amended CodeCitation Text
4052-162Amended CodeCitation Text
4052-165Repealed CodeCitation Text
4052-165.1New CodeSee Bill Text
4052-166Repealed CodeCitation Text
4052-166.1New CodeSee Bill Text
40520-121Amended CodeCitation Text
40520-123Amended CodeCitation Text
40520-124Amended CodeCitation Text
40520-125Amended CodeCitation Text

Illinois State Sources


Bill Comments

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