Bill Title: Amends the Illinois Pension Code in relation to the 5 State-funded retirement systems. For persons who first become participants on or after July 1, 2013, creates a new benefit package based on an individual "notional cash balance account" instead of the regular benefits of the systems. The plan provides for a different employee contribution rate; for retirement and survivor's annuities based on the participant's account balance; and for annual increases of the lesser of 3% or 1/2 of the annual increase in the cpi-u. Includes other provisions. Also includes conforming and technical changes. Amends the State Mandates Act to require implementation without reimbursement. Effective January 1, 2013.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Failed) 2013-01-08 - Session Sine Die [HB6149 Detail]

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Bill Drafts

Revision	Date	Format	Source	View
Introduced	2012-04-05	HTML/Text	Link	View

Amendments

Amendment	Date	Disposition	Format	Source	View
No bill amendments currently on file for Illinois HB6149

Supplemental Documents

Title	Description	Date	Format	Source	View
No supplemental documents for Illinois HB6149 currently on file.

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