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| | 100TH GENERAL ASSEMBLY
State of Illinois
2017 and 2018
HB3475 Introduced , by Rep. Peter Breen SYNOPSIS AS INTRODUCED:
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| 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 | |
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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.
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| | | FISCAL NOTE ACT MAY APPLY | | PENSION IMPACT NOTE ACT MAY APPLY |
| | A BILL FOR |
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| | HB3475 | | LRB100 09546 RPS 19712 b |
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| 1 | | AN ACT concerning public employee benefits.
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| 2 | | Be it enacted by the People of the State of Illinois,
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| 3 | | represented in the General Assembly:
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| 4 | | Section 5. The Illinois Pension Code is amended by adding |
| 5 | | Sections 2-125.5, 14-132.5, 15-156.5, 16-158.5, and 18-132.5 |
| 6 | | as follows:
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| 7 | | (40 ILCS 5/2-125.5 new) |
| 8 | | Sec. 2-125.5. Discount rate. Notwithstanding any other |
| 9 | | provision, beginning in fiscal year 2019, the discount rate |
| 10 | | shall be the actual 30-year rolling rate of return experienced |
| 11 | | by the System.
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| 12 | | (40 ILCS 5/14-132.5 new) |
| 13 | | Sec. 14-132.5. Discount rate. Notwithstanding any other |
| 14 | | provision, beginning in fiscal year 2019, the discount rate |
| 15 | | shall be the actual 30-year rolling rate of return experienced |
| 16 | | by the System.
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| 17 | | (40 ILCS 5/15-156.5 new) |
| 18 | | Sec. 15-156.5. Discount rate. Notwithstanding any other |
| 19 | | provision, beginning in fiscal year 2019, the discount rate |
| 20 | | shall be the actual 30-year rolling rate of return experienced |
| 21 | | by the System.
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