Bill Title: Amends the Downstate Teacher Article of the Illinois Pension Code. Provides that the System shall offer a defined contribution benefit to active members of the System. Provides that the defined contribution benefit shall collect optional employee and optional employer contributions into an account and shall offer investment options to the participant. Provides that the defined contribution benefit shall be operated in full compliance with any applicable State and federal laws, and the System shall utilize generally accepted practices in creating and maintaining the benefit for the best interest of the participants. Authorizes the System to use funds from the employee and employer contributions to defray any and all costs of creating and maintaining the benefit. Requires the System to produce an annual report on the participation in the benefit and to make that report public. Excludes any benefit increase resulting from the change made by the amendatory Act from the definition of "new benefit increase". Effective immediately.

Spectrum: Slight Partisan Bill (Republican 5-2)

Status: (Passed) 2018-08-10 - Public Act . . . . . . . . . 100-0769 [HB5137 Detail]

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Bill Drafts

Revision	Date	Format	Source	View
Chaptered	2018-08-13	HTML/Text	Link	View
Enrolled	2018-05-25	HTML/Text	Link	View
Engrossed	2018-04-27	HTML/Text	Link	View
Introduced	2018-02-15	HTML/Text	Link	View

Amendments

Amendment	Date	Disposition	Format	Source	View
House Amendment 001	2018-04-18	Proposed	HTML/Text	Link	View

Supplemental Documents

Title	Description	Date	Format	Source	View
No supplemental documents for Illinois HB5137 currently on file.

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