Illinois Senate Bill 2591 (Prior Session Legislation)

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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]

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.

PENCD-SURS-TIER 3

Sen. Michael Hastings [D]

Sen. Napoleon Harris [D]

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

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

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