Illinois Senate Bill 2284 (Prior Session Legislation)

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Completed Legislative Action
Spectrum: Partisan Bill (Republican 2-0)
Status: Failed on January 9 2019 - 100% progression
Action: 2019-01-09 - Session Sine Die
Text: Latest bill text (Introduced) [HTML]

Amends the General Assembly Article of the Illinois Pension Code. Requires the General Assembly Retirement System to establish a self-directed retirement plan. Provides that for persons who become participants on or after the effective date of the amendatory Act, participation in the System shall be limited to participation in the self-directed retirement plan. Allows a Tier 1 or Tier 2 participant to make an irrevocable election to participate in the self-directed retirement plan instead of the defined benefit plan. Makes changes to the pensionable salary for active participants. Provides that upon a participant's first day of participation in the self-directed retirement plan, the participant becomes vested in his or her contributions to the self-directed retirement plan, the employer's contributions to the self-directed retirement plan, and the investment returns attributable to those contributions credited to his or her account. Provides that a member who has filed notice of an election not to participate may become a Tier 3 participant without making a specified required contribution by filing with the board a written rescission of the election not to participate if he or she elects to participate in the self-directed retirement plan. Provides that a member who files the written rescission without making the required contribution and only participates in the self-directed retirement plan may not receive credit for service as a member prior to the date of the rescission. Repeals a provision added by Public Act 98-599, which has been held unconstitutional, that defines "Tier 1 participant" and "Tier 2 participant".

PEN CD-GARS SELF-DIRECTED PLAN

Sen. Chuck Weaver [R]

Sen. Dale Righter [R]

Date	Chamber	Action
2019-01-09	Senate	Session Sine Die
2018-04-27	Senate	Rule 3-9(a) / Re-referred to Assignments
2018-04-19	Senate	To Subcommittee on Special Issues (LA)
2018-04-13	Senate	Rule 2-10 Committee Deadline Established As April 27, 2018
2018-03-14	Senate	Added as Co-Sponsor Sen. Dale A. Righter
2018-03-01	Senate	Assigned to Licensed Activities and Pensions
2018-01-10	Senate	Referred to Assignments
2018-01-10	Senate	First Reading
2018-01-10	Senate	Filed with Secretary by Sen. Chuck Weaver

Chapter	Article	Section	Citation Type	Statute Text
40	5	2-105.1	Repealed Code	Citation Text
40	5	2-105.3	New Code	See Bill Text
40	5	2-117	Amended Code	Citation Text
40	5	2-167	New Code	See Bill Text

Type	Source
Summary	https://www.ilga.gov/legislation/BillStatus.asp?DocNum=2284&GAID=14&DocTypeID=SB&SessionID=91&GA=100
Text	https://www.ilga.gov/legislation/100/SB/10000SB2284.htm