Bill Text: IL HB0153 | 2011-2012 | 97th General Assembly | Amended
NOTE: There are more recent revisions of this legislation. Read Latest Draft
Bill Title: Amends the State Parks Designation Act. Designates the Harry "Babe" Woodyard State Natural Area, in Vermilion County as a State natural area. Effective immediately.
Spectrum: Slight Partisan Bill (Democrat 5-2)
Status: (Failed) 2013-01-08 - Session Sine Die [HB0153 Detail]
Download: Illinois-2011-HB0153-Amended.html
Bill Title: Amends the State Parks Designation Act. Designates the Harry "Babe" Woodyard State Natural Area, in Vermilion County as a State natural area. Effective immediately.
Spectrum: Slight Partisan Bill (Democrat 5-2)
Status: (Failed) 2013-01-08 - Session Sine Die [HB0153 Detail]
Download: Illinois-2011-HB0153-Amended.html
| |||||||
| |||||||
| |||||||
1 | AMENDMENT TO HOUSE BILL 153
| ||||||
2 | AMENDMENT NO. ______. Amend House Bill 153 by replacing | ||||||
3 | everything after the enacting clause with the following:
| ||||||
4 | "Section 5. The Illinois Pension Code is amended by | ||||||
5 | changing Section 24-107 as follows:
| ||||||
6 | (40 ILCS 5/24-107) (from Ch. 108 1/2, par. 24-107)
| ||||||
7 | Sec. 24-107. Local government plans.
| ||||||
8 | (a) Any unit of local government or school district may
| ||||||
9 | establish for its employees a deferred compensation or tax | ||||||
10 | sheltered annuity plan program .
Participation shall be by | ||||||
11 | written agreement between each employee and
the legislative | ||||||
12 | authority of the unit of local government or school
district | ||||||
13 | providing for the deferral of such compensation and the
| ||||||
14 | subsequent investment and administration of such funds.
| ||||||
15 | (a-5) Beginning January 1, 2013, any investment provider to | ||||||
16 | a deferred compensation or tax sheltered annuity plan offered |
| |||||||
| |||||||
1 | by a unit of local government or school district to its | ||||||
2 | employees shall disclose information in a summary form to plan | ||||||
3 | participants for each investment product that the provider | ||||||
4 | makes available to plan participants. The summary form shall: | ||||||
5 | (1) be in a format developed in conjunction with | ||||||
6 | organizations representing employees of units of local | ||||||
7 | government and employees of school districts; | ||||||
8 | (2) identify all services, including how those | ||||||
9 | services will be provided and whether they will be provided | ||||||
10 | by a licensed advisor or licensed agent; | ||||||
11 | (3) identify all fees that may be paid by a plan | ||||||
12 | participant; | ||||||
13 | (4) provide the investment-related information that | ||||||
14 | the U.S. Department of Labor requires to be disclosed in | ||||||
15 | its model comparative chart for plans that are subject to | ||||||
16 | the Employee Retirement Income Security Act of 1974 | ||||||
17 | (ERISA), in the format specified by the U.S. Department of | ||||||
18 | Labor for the disclosure of that information; and | ||||||
19 | (5) identify (i) all payments that are made to third | ||||||
20 | parties, including all recipients of commissions, other | ||||||
21 | payments, or both, and that are related to the purchase or | ||||||
22 | deposit of the product, (ii) the types of payments those | ||||||
23 | parties are eligible to receive, and (iii) all payments | ||||||
24 | that have been promised to those parties for endorsements, | ||||||
25 | marketing, or promoting the product and that have not been | ||||||
26 | disclosed. |
| |||||||
| |||||||
1 | (b) Any unit of local government may establish an | ||||||
2 | employer-funded
money purchase retirement plan for those of its | ||||||
3 | full time employees who are
not eligible to participate in any | ||||||
4 | pension fund or retirement system
established under Articles 2 | ||||||
5 | through 18 of this Code. Contributions to the
plan shall be | ||||||
6 | made by the unit of local government only from general
purpose | ||||||
7 | funds not derived from real property taxes imposed by the unit, | ||||||
8 | at
a rate to be determined from time to time by the unit of | ||||||
9 | local government.
However, the rate of employer contribution | ||||||
10 | shall be (i) the same for all
employees participating in the | ||||||
11 | plan, and (ii) not more than 10% of the
employee's salary.
| ||||||
12 | Any benefits accruing to the participants in a retirement | ||||||
13 | plan
established under this subsection shall be protected from | ||||||
14 | impairment in
accordance with Article XIII, Section 5 of the | ||||||
15 | Illinois Constitution.
However, the unit of local government | ||||||
16 | establishing such a plan may
terminate it at any time, unless | ||||||
17 | it has otherwise contractually agreed
with its participating | ||||||
18 | employees.
| ||||||
19 | (c) The agency or department designated by the unit of | ||||||
20 | local government
or school district to establish and administer | ||||||
21 | a plan or program authorized
under subsection (a) or (b) of | ||||||
22 | this Section may invest the assets of the
plan in investments | ||||||
23 | deemed appropriate by the agency or
department, including but | ||||||
24 | not limited to life insurance or annuity
contracts, and share | ||||||
25 | or share certificate accounts of State or federal
credit | ||||||
26 | unions, the accounts of which are insured as required by the
|
| |||||||
| |||||||
1 | Illinois Credit Union Act or the Federal Credit Union Act, | ||||||
2 | whichever is
applicable. The payment of employer contributions | ||||||
3 | to a retirement
plan established under subsection (b), and | ||||||
4 | investment and
payment to a participant of deferred | ||||||
5 | compensation and income or gain
thereon, if any, shall not be | ||||||
6 | construed to be prohibited uses of the
general assets of the | ||||||
7 | unit of local government or school district.
| ||||||
8 | This Section does not limit the power or authority of any | ||||||
9 | unit of
local government, school district or any institution | ||||||
10 | supported in whole
or in part by public funds to establish and | ||||||
11 | administer any other
deferred compensation plans that may be | ||||||
12 | authorized by law and deemed
appropriate by the officials of | ||||||
13 | such subdivisions or institutions.
| ||||||
14 | (Source: P.A. 87-794.)
| ||||||
15 | Section 99. Effective date. This Act takes effect upon | ||||||
16 | becoming law.".
|