Bill Title: Amends the Illinois Pension Code. Provides optional separate benefits for persons who, on or after 6 months after the effective date, first become participants or members under the State Universities or Downstate Teachers Article or noncovered participants under the State Employee Article. Contains provisions concerning retirement conditions, the amount of the retirement annuity, the amount of the annual increases to the retirement annuity, the calculation of salary, and the amount of certain survivor benefits. Sets forth the amount of employee and employer contributions. Requires those retirement systems to establish a defined contribution plan for certain members. In the Chicago Teachers Article, establishes similar benefits if the governing body of the unit of local government adopts those benefits by resolution or ordinance. In the State Employee, State Universities, and Downstate Teachers Articles, requires those Systems to offer certain inactive members the opportunity to elect to receive an accelerated pension benefit payment equal to 70% of the net present value of their pension benefits in lieu of receiving any pension benefit. In the State Employee, State Universities, and Downstate Teachers Articles, makes funding changes. In the State Universities and Downstate Teachers Articles, shifts certain costs to the local employer. Makes other changes. Amends the State Mandates Act to require implementation without reimbursement. Effective immediately.

Spectrum: Partisan Bill (Republican 3-0)

Status: (Failed) 2019-01-09 - Session Sine Die [SB2195 Detail]

Text: Latest bill text (Introduced) [HTML]

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Voting Records

Chamber	Vote	Date	Yea	Nay	NV	Abs	Total	Result	Source	View
No roll call record information currently on file.

States not producing parsable votes may be available as images in Supplemental Documents.

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