Bill Status of HB 2978   102nd General Assembly

Short Description:  PEN CD-GARS SELF-DIRECTED PLAN

House Sponsors
Rep. Thomas Morrison

Last Action  View All Actions

DateChamber Action
  1/10/2023HouseSession Sine Die

Statutes Amended In Order of Appearance
40 ILCS 5/2-105.3 new
40 ILCS 5/2-167 new
40 ILCS 5/2-105.1 rep.

Synopsis As Introduced
Amends the General Assembly Article of the Illinois Pension Code. Requires the General Assembly Retirement System to establish a self-directed retirement plan. Provides that for persons who become participants on or after the effective date of the amendatory Act, participation in the System shall be limited to participation in the self-directed retirement plan. Allows a Tier 1 or Tier 2 participant to make an irrevocable election to participate in the self-directed retirement plan instead of the defined benefit plan. Makes changes to the pensionable salary for active participants. Provides that upon a participant's first day of participation in the self-directed retirement plan, the participant becomes vested in his or her contributions to the self-directed retirement plan, the employer's contributions to the self-directed retirement plan, and the investment returns attributable to those contributions credited to his or her account. Makes other changes.

Actions 
DateChamber Action
  2/18/2021HouseFiled with the Clerk by Rep. Thomas Morrison
  2/19/2021HouseFirst Reading
  2/19/2021HouseReferred to Rules Committee
  3/9/2021HouseAssigned to Personnel & Pensions Committee
  3/27/2021HouseRule 19(a) / Re-referred to Rules Committee
  1/10/2023HouseSession Sine Die

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