Illinois Senate Bill 2650 (Prior Session Legislation)

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Completed Legislative Action
Spectrum: Partisan Bill (Democrat 1-0)
Status: Failed on January 9 2019 - 100% progression
Action: 2019-01-09 - Session Sine Die
Text: Latest bill text (Introduced) [HTML]

Amends State Employee Article of the Illinois Pension Code. Requires the System to implement a defined contribution plan for employees of the Illinois State Board of Elections who are not covered by a collective bargaining agreement. Provides that the defined contribution plan shall aggregate State and employee contributions in individual participant accounts which are used for payouts after retirement. Authorizes an eligible employee of the Illinois State Board of Elections to elect to participate in the defined contribution plan instead of the defined benefit plan and to also elect to terminate all participation in the defined benefit plan and to have a specified amount credited to his or her account. Provides that State contributions shall be paid into the accounts of participants in the defined contribution plan at a rate of 3% of compensation and that State contributions, and the earnings thereon, shall vest when those contributions are paid into the participant's account. Provides that employee contributions shall be paid at a rate of 3% of compensation. Contains provisions concerning investment options; defined disability benefits; notice to eligible employees; plan sponsor; reporting; and the intent of the amendatory Act. Excludes the defined contribution plan from the definition of "new benefit increase". Makes related changes in the Retirement Systems Reciprocal Act (Article 20 of the Code) and the State Employees Group Insurance Act of 1971. Effective immediately.

PENCD-BD OF ELECTIONS-DC PLAN

Sen. Terry Link [D]

Date	Chamber	Action
2019-01-09	Senate	Session Sine Die
2018-04-13	Senate	Rule 3-9(a) / Re-referred to Assignments
2018-04-12	Senate	Postponed - Licensed Activities and Pensions
2018-02-14	Senate	Assigned to Licensed Activities and Pensions
2018-02-08	Senate	Referred to Assignments
2018-02-08	Senate	First Reading
2018-02-08	Senate	Filed with Secretary by Sen. Terry Link

Chapter	Article	Section	Citation Type	Statute Text
40	5	14-152.1	Amended Code	Citation Text
40	5	14-155.5	New Code	See Bill 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
5	375	10	Amended Code	Citation Text
5	375	3	Amended Code	Citation Text

Type	Source
Summary	https://www.ilga.gov/legislation/BillStatus.asp?DocNum=2650&GAID=14&DocTypeID=SB&SessionID=91&GA=100
Text	https://www.ilga.gov/legislation/100/SB/10000SB2650.htm