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| | 101ST GENERAL ASSEMBLY
State of Illinois
2019 and 2020
HB2849 Introduced , by Rep. Thomas Morrison SYNOPSIS AS INTRODUCED:
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| 40 ILCS 5/2-126.6 new | | 40 ILCS 5/18-133.5 new | |
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Amends the General Assembly and Judges Articles of the Illinois Pension Code. Provides that an administrative fee equal to 4.95% of the amount of the annuity payment shall be applied to every annuity payment made on or after the effective date of the amendatory Act. Provides that the amendatory Act applies without regard to whether the person receiving the annuity was in service on or after the effective date of the amendatory Act. Effective immediately.
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| | | FISCAL NOTE ACT MAY APPLY | | PENSION IMPACT NOTE ACT MAY APPLY |
| | A BILL FOR |
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| | HB2849 | | LRB101 06761 RPS 51788 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 2-126.6 and 18-133.5 as follows:
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| 6 | | (40 ILCS 5/2-126.6 new) |
| 7 | | Sec. 2-126.6. Administrative fee. Notwithstanding any |
| 8 | | other provision of this Article to the contrary, for every |
| 9 | | annuity payment made on or after the effective date of this |
| 10 | | amendatory Act of the 101st General Assembly, an administrative |
| 11 | | fee equal to 4.95% of the amount of the annuity payment shall |
| 12 | | be applied. Notwithstanding Section 1-103.1, this Section |
| 13 | | applies without regard to whether the person receiving the |
| 14 | | annuity was in service on or after the effective date of this |
| 15 | | amendatory Act of the 101st General Assembly.
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| 16 | | (40 ILCS 5/18-133.5 new) |
| 17 | | Sec. 18-133.5. Administrative fee. Notwithstanding any |
| 18 | | other provision of this Article to the contrary, for every |
| 19 | | annuity payment made on or after the effective date of this |
| 20 | | amendatory Act of the 101st General Assembly, an administrative |
| 21 | | fee equal to 4.95% of the amount of the annuity payment shall |
| 22 | | be applied. Notwithstanding Section 1-103.1, this Section |