Bill Status of HB 5354   101st General Assembly

Short Description:  PEN CD-GARS-ANNUAL INCREASES

House Sponsors
Rep. Jim Durkin

Last Action  View All Actions

DateChamber Action
  1/13/2021HouseSession Sine Die

Statutes Amended In Order of Appearance
40 ILCS 5/2-105.3 new
40 ILCS 5/2-107.9 new
40 ILCS 5/2-107.10 new
40 ILCS 5/2-108from Ch. 108 1/2, par. 2-108
40 ILCS 5/2-110.3 new
40 ILCS 5/2-119.1from Ch. 108 1/2, par. 2-119.1
40 ILCS 5/2-124from Ch. 108 1/2, par. 2-124
40 ILCS 5/2-126from Ch. 108 1/2, par. 2-126
40 ILCS 5/2-134from Ch. 108 1/2, par. 2-134
40 ILCS 5/2-162
40 ILCS 15/1.10 new

Synopsis As Introduced
Amends the General Assembly Article of the Illinois Pension Code. Requires active Tier 1 employees to elect either to (i) have automatic annual increases in retirement and survivor's annuities delayed and reduced or (ii) not agree to the delay and reduction. Provides that a Tier 1 employee who elects to have automatic annual increases in retirement and survivor's annuities delayed and reduced is entitled to have future increases in income treated as pensionable income, have contributions reduced to a specified rate, and receive a consideration payment of 10% of contributions made prior to the election. Provides that a Tier 1 employee who elects to not agree to the delay and reduction is not eligible to have future increases in income treated as pensionable income. Makes funding changes. Makes other changes. Amends the State Pension Funds Continuing Appropriation Act to provide a continuing appropriation for the amounts of the consideration payments. Effective immediately.

Actions 
DateChamber Action
  2/14/2020HouseFiled with the Clerk by Rep. Jim Durkin
  2/18/2020HouseFirst Reading
  2/18/2020HouseReferred to Rules Committee
  3/12/2020HouseAssigned to Executive Committee
  6/23/2020HouseRule 19(b) / Re-referred to Rules Committee
  1/13/2021HouseSession Sine Die

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