Bill Text: IL HB2849 | 2019-2020 | 101st General Assembly | Introduced

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Bill Title: Amends the General Assembly and Judges Articles of the Illinois Pension Code. Provides that an administrative fee equal to 4.95% of the amount of the annuity payment shall be applied to every annuity payment made on or after the effective date of the amendatory Act. Provides that the amendatory Act applies without regard to whether the person receiving the annuity was in service on or after the effective date of the amendatory Act. Effective immediately.

Sponsorship: Partisan Bill (Republican 1)

Status: (Introduced - Dead) 2019-03-29 - Rule 19(a) / Re-referred to Rules Committee [HB2849 Detail]

Download: Illinois-2019-HB2849-Introduced.html

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101ST GENERAL ASSEMBLY State of Illinois 2019 and 2020 HB2849 Introduced , by Rep. Thomas Morrison SYNOPSIS AS INTRODUCED:
40 ILCS 5/2-126.6 new
40 ILCS 5/18-133.5 new
Amends the General Assembly and Judges Articles of the Illinois Pension Code. Provides that an administrative fee equal to 4.95% of the amount of the annuity payment shall be applied to every annuity payment made on or after the effective date of the amendatory Act. Provides that the amendatory Act applies without regard to whether the person receiving the annuity was in service on or after the effective date of the amendatory Act. Effective immediately.
LRB101 06761 RPS 51788 b
FISCAL NOTE ACT MAY APPLY PENSION IMPACT NOTE ACT MAY APPLY
A BILL FOR
HB2849 LRB101 06761 RPS 51788 b
AN ACT concerning public employee benefits.
Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
Section 5. The Illinois Pension Code is amended by adding
Sections 2-126.6 and 18-133.5 as follows:
(40 ILCS 5/2-126.6 new)
Sec. 2-126.6. Administrative fee. Notwithstanding any
other provision of this Article to the contrary, for every
annuity payment made on or after the effective date of this
amendatory Act of the 101st General Assembly, an administrative
fee equal to 4.95% of the amount of the annuity payment shall
be applied. Notwithstanding Section 1-103.1, this Section
applies without regard to whether the person receiving the
annuity was in service on or after the effective date of this
amendatory Act of the 101st General Assembly.
(40 ILCS 5/18-133.5 new)
Sec. 18-133.5. Administrative fee. Notwithstanding any
other provision of this Article to the contrary, for every
annuity payment made on or after the effective date of this
amendatory Act of the 101st General Assembly, an administrative
fee equal to 4.95% of the amount of the annuity payment shall
be applied. Notwithstanding Section 1-103.1, this Section

HB2849 - 2 - LRB101 06761 RPS 51788 b
applies without regard to whether the person receiving the
annuity was in service on or after the effective date of this
amendatory Act of the 101st General Assembly.
Section 99. Effective date. This Act takes effect upon
becoming law.