Illinois Senate Bill 3409 (Prior Session Legislation)

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Spectrum: Partisan Bill (Republican 1-0)
Status: Introduced on February 10 2010 - 25% progression, died in committee
Action: 2010-03-08 - Rule 3-9(a) / Re-referred to Assignments
Pending: Senate Assignments Committee
Text: Latest bill text (Introduced) [HTML]

Amends the Illinois Pension Code. Requires the General Assembly Retirement System, the State Employees' Retirement System of Illinois, the State Universities Retirement System, the Teachers' Retirement System of the State of Illinois, and the Judges Retirement System of Illinois to allow employees to elect to participate in a self-managed program of retirement benefits instead of the program of retirement benefits currently offered. Provides that a self-managed plan shall authorize a participating employee to accumulate assets for retirement through a combination of employer and employee contributions that may be invested at the employee's direction in mutual funds, collective investment funds, or other investment products and used to purchase annuity contracts. Provides that, to the extent that the changes made by the amendatory Act are determined to be a new benefit increase, the changes are exempt from the 5-year expiration provision. Effective immediately.

PENCD-DEFINED CONTRI PLANS

Sen. Bill Brady [R]

Date	Chamber	Action
2010-03-08		Rule 3-9(a) / Re-referred to Assignments
2010-03-04		Postponed - Pensions and Investments
2010-02-24		Assigned to Pensions and Investments
2010-02-10		Referred to Assignments
2010-02-10		First Reading
2010-02-10		Filed with Secretary by Sen. Bill Brady

Type	Source
Summary	https://www.ilga.gov/legislation/BillStatus.asp?DocNum=3409&GAID=10&DocTypeID=SB&SessionID=76&GA=96
Text	https://www.ilga.gov/legislation/96/SB/09600SB3409.htm