Bill Status of HB 2851   101st General Assembly

Short Description:  PEN CD-SELF-MANAGED PLAN

House Sponsors
Rep. Thomas Morrison

Last Action  View All Actions

DateChamber Action
  1/13/2021HouseSession Sine Die

Statutes Amended In Order of Appearance
5 ILCS 375/3from Ch. 127, par. 523
5 ILCS 375/10from Ch. 127, par. 530
40 ILCS 5/1-160
40 ILCS 5/1-161
40 ILCS 5/2-105.3 new
40 ILCS 5/2-107.5 new
40 ILCS 5/2-107.6 new
40 ILCS 5/2-126.8 new
40 ILCS 5/2-162
40 ILCS 5/14-103.42 new
40 ILCS 5/14-103.43 new
40 ILCS 5/14-133.2 new
40 ILCS 5/14-152.1
40 ILCS 5/16-122.2 new
40 ILCS 5/16-122.3 new
40 ILCS 5/16-158.4 new
40 ILCS 5/16-203
40 ILCS 5/18-118.1 new
40 ILCS 5/18-118.2 new
40 ILCS 5/18-133.2 new
40 ILCS 5/18-169
40 ILCS 5/2-105.1 rep.
30 ILCS 805/8.43 new

Synopsis As Introduced
Amends the General Assembly, State Employees, Downstate Teachers, and Judges Articles of the Illinois Pension Code. Requires each System to establish a self-managed plan that shall offer participants the opportunity to accumulate assets for retirement through a combination of participant and State contributions that may be invested. Provides that the System shall establish an opening account balance in the self-managed plan for a participant who elects to participate in the self-managed plan and elects to terminate all rights and credits in the System due to previous participation in the traditional benefit package. Provides that a participant in the self-managed plan may not participate in any other retirement program administered by the System. Contains provisions concerning definitions; default investments; contributions; employer pick-up of contributions; vesting; disability benefits; return to service; and termination of the plan. Provides that any benefit increase that results from the amendatory Act is excluded from the definition of "new benefit increase". Makes other changes. Makes conforming changes in the State Employees Group Insurance Act of 1971. Amends the State Mandates Act to require implementation without reimbursement by the State. Effective immediately.

Actions 
DateChamber Action
  2/14/2019HouseFiled with the Clerk by Rep. Thomas Morrison
  2/14/2019HouseFirst Reading
  2/14/2019HouseReferred to Rules Committee
  2/26/2019HouseAssigned to Personnel & Pensions Committee
  3/6/2019HouseTo Pension Reform Subcommittee
  3/29/2019HouseRule 19(a) / Re-referred to Rules Committee
  1/13/2021HouseSession Sine Die

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