Bill Text: IL HB1325 | 2011-2012 | 97th General Assembly | Amended
Bill Title: Amends the Illinois Pension Code. Authorizes each pension fund and retirement system to establish and administer an optional retirement plan. Sets forth requirements for the plans. Authorizes each employer that is subject to the Code to make an irrevocable election to participate in the plan. Requires each fund to solicit proposals to provide administrative services and funding vehicles for the plan. Requires those proposals to be assessed using specified criteria. Authorizes employees to direct the investment of their plan balances. Indemnifies fund fiduciaries. Also contains provisions concerning: participation in the plan; establishment of an initial account balance; duplication of service credit; required contributions; termination; vesting; withdrawal; return to service; benefit amounts; and the making of plan elections. Amends the State Mandates Act to require implementation without reimbursement.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Failed) 2013-01-08 - Session Sine Die [HB1325 Detail]
Download: Illinois-2011-HB1325-Amended.html
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| 1 | AMENDMENT TO HOUSE BILL 1325
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| 2 | AMENDMENT NO. ______. Amend House Bill 1325 by replacing | ||||||
| 3 | everything after the enacting clause with the following:
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| 4 | "Section 5. The Illinois Pension Code is amended by | ||||||
| 5 | changing Section 1-101 as follows:
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| 6 | (40 ILCS 5/1-101) (from Ch. 108 1/2, par. 1-101)
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| 7 | Sec. 1-101. Short title.
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| 8 | This Code shall be known and may be cited as the the | ||||||
| 9 | Illinois Pension Code.
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| 10 | (Source: Laws 1963, p. 161.)".
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