|
| | 98TH GENERAL ASSEMBLY
State of Illinois
2013 and 2014
HB5837 Introduced , by Rep. Darlene J. Senger SYNOPSIS AS INTRODUCED:
|
| 40 ILCS 5/2-101 | from Ch. 108 1/2, par. 2-101 |
|
Amends the General Assembly Article of the Illinois Pension Code. Restricts participation in the General Assembly Retirement System to persons who are receiving annuities from the System on January 1, 2015. Terminates participation by all other persons. Provides that annuities in payment status on January 1, 2015 shall continue to be paid by the System, along with any increases provided by law. Provides that no new or additional benefits may be granted or paid by the System on or after January 1, 2015, including any refund of contributions. Provides that no new transfers of credits into or out of the System shall be made on or after that date. Provides that these provisions control over any other law. Effective January 1, 2015.
| |
| | |
| | | FISCAL NOTE ACT MAY APPLY | | PENSION IMPACT NOTE ACT MAY APPLY |
| | A BILL FOR |
|
|
| | HB5837 | | LRB098 17825 EFG 52949 b |
|
|
| 1 | | AN ACT concerning public employee benefits.
|
| 2 | | Be it enacted by the People of the State of Illinois,
|
| 3 | | represented in the General Assembly:
|
| 4 | | Section 5. The Illinois Pension Code is amended by changing |
| 5 | | Sections
2-101 and 2-105 as follows:
|
| 6 | | (40 ILCS 5/2-101) (from Ch. 108 1/2, par. 2-101)
|
| 7 | | Sec. 2-101. Creation and termination of system. |
| 8 | | (a) A retirement system is created to provide
retirement |
| 9 | | annuities, survivor's annuities and other benefits for certain
|
| 10 | | members of the General Assembly, certain elected state |
| 11 | | officials, and their
beneficiaries.
|
| 12 | | The system shall be known as the "General Assembly |
| 13 | | Retirement System".
All its funds and property shall be a trust |
| 14 | | separate from all other
entities, maintained for the purpose of |
| 15 | | securing payment of annuities and
benefits under this Article.
|
| 16 | | (b) Notwithstanding any other provision of law, beginning |
| 17 | | January 1, 2015, participation in the retirement system created |
| 18 | | under this Article is
restricted to persons who are receiving |
| 19 | | annuities from the System on that date. Participation by all |
| 20 | | other persons is terminated on that date, and no new |
| 21 | | participants may be accepted on or after that date.
|
| 22 | | (c) Notwithstanding any other provision of law, all |
| 23 | | annuities in payment status on January 1, 2015 shall continue |