Bill Title: Amends the Illinois Pension Code. Restricts participation in the General Assembly Retirement System to persons who became participants before the effective date. Provides separate benefits for persons who, on or after 6 months after the effective date, first become participants or members under Article 15 or 16 or a noncovered participant under Article 14. Requires those retirement systems to establish a defined contribution plan for certain members. For Articles 7, 8, 9, 10, 11, 12, 13, and 17, establishes similar benefits if the governing body of the unit of local government adopts those benefits by resolution or ordinance. Requires the 5 State-funded Retirement Systems to offer certain inactive members the opportunity to elect to receive an accelerated pension benefit payment in lieu of receiving any pension benefit and authorizes the issuance of bonds for those payments. Amends other Acts to make conforming changes. In the 5 State-funded retirement systems and the Chicago Teachers Pension Fund, makes funding changes. In Articles 15 and 16, shifts certain costs to the local employer. Amends the Budget Stabilization Act. Provides for the transfer of certain amounts to the Pension Stabilization Fund. Makes other changes. Effective immediately.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Failed) 2019-01-08 - Session Sine Die [HB4055 Detail]

Text: Latest bill text (Introduced) [HTML]

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Sponsors

Name	Type	Sponsorship	District	Financial	Encyclopedia	Biography
Representative Mark Batinick [R]	Primary	Sponsored Bills	HD-097	FollowTheMoney	Ballotpedia	VoteSmart

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