Bill Title: Amends the Illinois Pension Code. With respect to the 5 State-funded retirement systems: Provides a new funding formula for State contributions, with a funding goal of 100% for fiscal years 2016 through 2047 and 90% thereafter. Provides that no additional service credit may be accrued and no automatic increase in a retirement annuity shall be received. Provides that the pensionable salary of an active participant may not exceed that individual's pensionable salary as of the effective date. Provides that State-funded retirement systems shall establish self-directed retirement plans for all active participants and all employees hired on or after the effective date. Provides that all active participants shall have the option of participating in a self-directed retirement plan. Provides that these changes are controlling over any other law. In the Sections that were amended by Public Act 98-599, deletes the changes made by Public Act 98-599.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Failed) 2015-01-13 - Session Sine Die [SB3549 Detail]

Text: Latest bill text (Introduced) [HTML]

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Sponsors

Name	Type	Sponsorship	District	Financial	Encyclopedia	Biography
Senator Kyle McCarter [R]	Primary	Sponsored Bills	SD-054	FollowTheMoney	Ballotpedia	VoteSmart

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