Comments: IL HB3707 | 2017-2018 | 100th General Assembly

Bill Title: Amends the General Assembly Article of the Illinois Pension Code. Requires the General Assembly Retirement System to establish a self-directed retirement plan. Provides that for persons who become a participant on or after the effective date of the amendatory Act, participation in the System shall be limited to participation in the self-directed retirement plan. Allows a Tier 1 or Tier 2 participant to make an irrevocable election to participate in the self-directed retirement plan instead of the defined benefit plan. Makes changes to the pensionable salary for active participants. Provides that upon a participant's first day of participation in the self-directed retirement plan, the participant becomes vested in his or her contributions to the self-directed retirement plan, the employer's contributions to the self-directed retirement plan, and the investment returns attributable to those contributions credited to his or her account.

Spectrum: Strong Partisan Bill (Republican 15-1)

Status: (Introduced) 2017-03-31 - House Committee Amendment No. 1 Rule 19(a) / Re-referred to Rules Committee [HB3707 Detail]

Text: Latest bill text (Introduced) [HTML]

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