IL SB3487 | 2017-2018 | 100th General Assembly

Status

Spectrum: Partisan Bill (Republican 1-0)
Status: Introduced on February 16 2018 - 25% progression
Action: 2018-09-30 - Chief Sponsor Changed to Sen. William E. Brady
Pending: Senate Assignments Committee
Text: Latest bill text (Introduced) [HTML]

Summary

Amends the Illinois Pension Code. Merges all Article 3 police pension funds into a single Downstate Police Pension Fund on January 1, 2020. Creates a Transition Board, which is responsible for planning, overseeing, and administering the consolidation. Authorizes the Transition Board to undertake numerous activities necessary for the consolidation, including making arrangements for staff, investments, transfer of assets and liabilities, acquisition of property, establishment of municipality accounts, and adopting rules and procedures. Authorizes the Transition Board to enter into contracts and to obligate and expend the assets of the Fund. Creates a new Board of Trustees for the Fund, and provides for administration of the Fund by the Transition Board until the new Board assumes its duties on January 1, 2021. Provides for investment of the Fund's assets by a custodian chosen by the Board of Trustees. Makes conforming and other changes. Provides that beginning January 1, 2020, the employee contribution for Tier 1 participants is 35% (rather than 9.91%) of a Tier 1 participant's salary. Provides that notwithstanding any other provision of law, a Tier 1 participant may voluntarily make an irrevocable election to instead become a Tier 2 participant with respect to service performed or established on and after the effective date of the election. Defines "Tier 1 participant" and "Tier 2 participant" and makes corresponding changes. Amends the State Mandates Act to require implementation without reimbursement. Makes other changes. Effective immediately, except that certain changes to the Illinois Pension Code take effect January 1, 2020.

Tracking Information

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Title

PEN CD-CONSOLIDATE DNST POLICE

Sponsors


History

DateChamberAction
2018-09-30SenateChief Sponsor Changed to Sen. William E. Brady
2018-04-27SenateRule 3-9(a) / Re-referred to Assignments
2018-04-13SenateRule 2-10 Committee Deadline Established As April 27, 2018
2018-04-12SenateTo Subcommittee on Pension Consolidation
2018-02-27SenateAssigned to Licensed Activities and Pensions
2018-02-16SenateReferred to Assignments
2018-02-16SenateFirst Reading
2018-02-16SenateFiled with Secretary by Sen. Pamela J. Althoff

Code Citations

ChapterArticleSectionCitation TypeStatute Text
308058.42New CodeSee Bill Text
4053-101Amended CodeCitation Text
4053-101.1New CodeSee Bill Text
4053-101.2New CodeSee Bill Text
4053-102.1New CodeSee Bill Text
4053-103Amended CodeCitation Text
4053-103.9New CodeSee Bill Text
4053-104New CodeSee Bill Text
4053-105Amended CodeCitation Text
4053-108.2Amended CodeCitation Text
4053-108.2aNew CodeSee Bill Text
4053-108.3Amended CodeCitation Text
4053-109.5New CodeSee Bill Text
4053-110Amended CodeCitation Text
4053-110.7Amended CodeCitation Text
4053-111Amended CodeCitation Text
4053-111.1Amended CodeCitation Text
4053-112Amended CodeCitation Text
4053-125Amended CodeCitation Text
4053-125.1Amended CodeCitation Text
4053-128Amended CodeCitation Text
4053-128.1New CodeSee Bill Text
4053-128.2New CodeSee Bill Text
4053-134Amended CodeCitation Text
4053-135Amended CodeCitation Text
4053-140.5New CodeSee Bill Text
4053-141Amended CodeCitation Text
4053-141aNew CodeSee Bill Text
4053-141bNew CodeSee Bill Text
4053-141cNew CodeSee Bill Text
4053-141dNew CodeSee Bill Text
4057-199.5New CodeSee Bill Text

Illinois State Sources


Bill Comments

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