IL SB2284 | 2017-2018 | 100th General Assembly

Status

Spectrum: Partisan Bill (Republican 2-0)
Status: Introduced on January 10 2018 - 25% progression
Action: 2018-04-27 - Rule 3-9(a) / Re-referred to Assignments
Pending: Senate Assignments Committee
Text: Latest bill text (Introduced) [HTML]

Summary

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 a participant 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".

Tracking Information

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Title

PEN CD-GARS SELF-DIRECTED PLAN

Sponsors


History

DateChamberAction
2018-04-27SenateRule 3-9(a) / Re-referred to Assignments
2018-04-19SenateTo Subcommittee on Special Issues (LA)
2018-04-13SenateRule 2-10 Committee Deadline Established As April 27, 2018
2018-03-14SenateAdded as Co-Sponsor Sen. Dale A. Righter
2018-03-01SenateAssigned to Licensed Activities and Pensions
2018-01-10SenateReferred to Assignments
2018-01-10SenateFirst Reading
2018-01-10SenateFiled with Secretary by Sen. Chuck Weaver

Code Citations

ChapterArticleSectionCitation TypeStatute Text
4052-105.1Repealed CodeCitation Text
4052-105.3New CodeSee Bill Text
4052-117Amended CodeCitation Text
4052-167New CodeSee Bill Text

Illinois State Sources


Bill Comments

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