IL SB2591 | 2013-2014 | 98th General Assembly
Status
Completed Legislative Action
Spectrum: Partisan Bill (Democrat 2-0)
Status: Failed on January 13 2015 - 100% progression
Action: 2015-01-13 - Session Sine Die
Text: Latest bill text (Introduced) [HTML]
Spectrum: Partisan Bill (Democrat 2-0)
Status: Failed on January 13 2015 - 100% progression
Action: 2015-01-13 - Session Sine Die
Text: Latest bill text (Introduced) [HTML]
Summary
Amends the State Universities Article of the Illinois Pension Code. Changes the definition of "effective rate of interest" for a fiscal year to the interest rate of 30-year United States Treasury bonds as of the beginning of that fiscal year, plus 75 basis points. Defines "Tier 1" and "Tier 3" participants and creates a new Tier 3 benefit program, applicable to all new participants and to Tier 2 participants who elect to participate, consisting of both a Tier 3 defined contribution component and a Tier 3 defined benefit component. Excludes Tier 3 participants from the portable benefit package and the self-managed plan. Imposes an additional contribution on Tier 1 participants, which increases incrementally until it reaches 2.0% of earnings; excludes these contributions from being considered under the Rule 2 money-purchase formula. Reduces the automatic annual increase in retirement annuity for Tier 1 participants to one-half of the annual unadjusted percentage increase in the consumer price index-u; increases the automatic annual increase in retirement annuity for Tier 3 participants over the Tier 2 level by compounding the increases and removing the 3% annual maximum. Adds 2 additional members to the Board of Trustees, to be appointed by the Governor with the advice and consent of the Senate. Also, beginning in 2015, converts 2 of the elected active participant positions on the Board into active participant positions appointed by the Governor. Includes a new benefit increase exemption. Also makes technical and conforming changes. Amends the State Mandates Act to require implementation without reimbursement. Contains a severability provision. Effective immediately.
Title
PENCD-SURS-TIER 3
Sponsors
History
Date | Chamber | Action |
---|---|---|
2015-01-13 | Senate | Session Sine Die |
2013-06-19 | Senate | Added as Chief Co-Sponsor Sen. Napoleon Harris, III |
2013-05-31 | Senate | Referred to Assignments |
2013-05-31 | Senate | First Reading |
2013-05-31 | Senate | Filed with Secretary by Sen. Michael E. Hastings |
Code Citations
Chapter | Article | Section | Citation Type | Statute Text |
---|---|---|---|---|
30 | 805 | 8.37 | New Code | See Bill Text |
40 | 5 | 1-160 | Amended Code | Citation Text |
40 | 5 | 15-103.4 | New Code | See Bill Text |
40 | 5 | 15-107.1 | New Code | See Bill Text |
40 | 5 | 15-107.2 | New Code | See Bill Text |
40 | 5 | 15-111 | Amended Code | Citation Text |
40 | 5 | 15-125 | Amended Code | Citation Text |
40 | 5 | 15-134.5 | Amended Code | Citation Text |
40 | 5 | 15-136 | Amended Code | Citation Text |
40 | 5 | 15-136.4 | Amended Code | Citation Text |
40 | 5 | 15-157 | Amended Code | Citation Text |
40 | 5 | 15-157.2 | New Code | See Bill Text |
40 | 5 | 15-158.2 | Amended Code | Citation Text |
40 | 5 | 15-158.5 | New Code | See Bill Text |
40 | 5 | 15-158.6 | New Code | See Bill Text |
40 | 5 | 15-159 | Amended Code | Citation Text |
40 | 5 | 15-198 | Amended Code | Citation Text |
40 | 5 | 20-121 | Amended Code | Citation Text |
40 | 5 | 20-123 | Amended Code | Citation Text |
40 | 5 | 20-124 | Amended Code | Citation Text |
40 | 5 | 20-125 | Amended Code | Citation Text |
Illinois State Sources
Type | Source |
---|---|
Summary | https://www.ilga.gov/legislation/BillStatus.asp?DocNum=2591&GAID=12&DocTypeID=SB&SessionID=85&GA=98 |
Text | https://www.ilga.gov/legislation/98/SB/09800SB2591.htm |