Bill Text: IL HB3475 | 2017-2018 | 100th General Assembly | Introduced

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Bill Title: Amends the General Assembly, State Employee, State Universities, Downstate Teachers, and Judges Articles of the Illinois Pension Code. Provides that beginning in fiscal year 2019, the discount rate shall be the actual 30-year rolling rate of return experienced by the System. Effective immediately.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Failed) 2019-01-08 - Session Sine Die [HB3475 Detail]

Download: Illinois-2017-HB3475-Introduced.html

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100TH GENERAL ASSEMBLY State of Illinois 2017 and 2018 HB3475 Introduced , by Rep. Peter Breen SYNOPSIS AS INTRODUCED:
40 ILCS 5/2-125.5 new
40 ILCS 5/14-132.5 new
40 ILCS 5/15-156.5 new
40 ILCS 5/16-158.5 new
40 ILCS 5/18-132.5 new
Amends the General Assembly, State Employee, State Universities, Downstate Teachers, and Judges Articles of the Illinois Pension Code. Provides that beginning in fiscal year 2019, the discount rate shall be the actual 30-year rolling rate of return experienced by the System. Effective immediately.
LRB100 09546 RPS 19712 b
FISCAL NOTE ACT MAY APPLY PENSION IMPACT NOTE ACT MAY APPLY
A BILL FOR
HB3475 LRB100 09546 RPS 19712 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 2-125.5, 14-132.5, 15-156.5, 16-158.5, and 18-132.5
as follows:
(40 ILCS 5/2-125.5 new)
Sec. 2-125.5. Discount rate. Notwithstanding any other
provision, beginning in fiscal year 2019, the discount rate
shall be the actual 30-year rolling rate of return experienced
by the System.
(40 ILCS 5/14-132.5 new)
Sec. 14-132.5. Discount rate. Notwithstanding any other
provision, beginning in fiscal year 2019, the discount rate
shall be the actual 30-year rolling rate of return experienced
by the System.
(40 ILCS 5/15-156.5 new)
Sec. 15-156.5. Discount rate. Notwithstanding any other
provision, beginning in fiscal year 2019, the discount rate
shall be the actual 30-year rolling rate of return experienced
by the System.

HB3475 - 2 - LRB100 09546 RPS 19712 b
(40 ILCS 5/16-158.5 new)
Sec. 16-158.5. Discount rate. Notwithstanding any other
provision, beginning in fiscal year 2019, the discount rate
shall be the actual 30-year rolling rate of return experienced
by the System.
(40 ILCS 5/18-132.5 new)
Sec. 18-132.5. Discount rate. Notwithstanding any other
provision, beginning in fiscal year 2019, the discount rate
shall be the actual 30-year rolling rate of return experienced
by the System.
Section 99. Effective date. This Act takes effect upon
becoming law.