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| | 101ST GENERAL ASSEMBLY
State of Illinois
2019 and 2020
HB3919 Introduced 10/17/2019, by Rep. Allen Skillicorn SYNOPSIS AS INTRODUCED:
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Amends the General Provisions Article of the Illinois Pension Code. Provides that each retirement system under the General Assembly, State Employees, State Universities, Downstate Teachers, and Judges Article shall prepare and implement a Tier 3 plan that aggregates employee and State contributions in individual participant accounts that, after meeting any other requirements, are used for payouts after retirement in accordance with any applicable laws. Provides that beginning January 1, 2021, members or participants of those retirement systems, regardless of whether they became members or participants before January 1, 2021, shall participate in the Tier 3 plan in lieu of any other plan under those Articles. Effective immediately.
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| | | FISCAL NOTE ACT MAY APPLY | | PENSION IMPACT NOTE ACT MAY APPLY |
| | A BILL FOR |
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| | HB3919 | | LRB101 14752 RPS 63709 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 | | Section 1-163 as follows:
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| 6 | | (40 ILCS 5/1-163 new) |
| 7 | | Sec. 1-163. Tier 3 plan for certain members or |
| 8 | | participants. |
| 9 | | (a) By January 1, 2021, each retirement system under |
| 10 | | Article 2, 14, 15, 16, and 18 shall prepare and implement a |
| 11 | | Tier 3 plan that aggregates employee and State contributions in |
| 12 | | individual participant accounts that, after meeting any other |
| 13 | | requirements, are used for payouts after retirement in |
| 14 | | accordance with any applicable laws. |
| 15 | | (b) Notwithstanding any other provision of law, including |
| 16 | | Sections 1-160 and 1-161, beginning January 1, 2021, a member |
| 17 | | or participant of a retirement system under Article 2, 14, 15, |
| 18 | | 16, and 18, regardless of whether he or she became a member or |
| 19 | | participant before January 1, 2021, shall participate in the |
| 20 | | Tier 3 plan under this Section in lieu of any other plan under |
| 21 | | the applicable Article. |
| 22 | | (c) On and after January 1, 2021, notwithstanding any other |
| 23 | | provision of law, no State contributions shall be made for any |