Bill Status of HB 5411   102nd General Assembly

Short Description:  PENCD-TRS-DEFINED CONTRIBUTION

House Sponsors
Rep. Stephanie A. Kifowit and Barbara Hernandez

Last Action  View All Actions

DateChamber Action
  1/10/2023HouseSession Sine Die

Statutes Amended In Order of Appearance
40 ILCS 5/16-204
40 ILCS 5/16-207 new
30 ILCS 805/8.46 new

Synopsis As Introduced
Amends the Downstate Teacher Article of the Illinois Pension Code. Provides that a person who first becomes a member on or after January 1, 2023 shall have 3% of his or her pre-tax compensation contributed to a plan that is eligible under Section 457(b) of the Internal Revenue Code of 1986 offered by a vendor approved by his or her employer. Provides that to satisfy this requirement, the defined contribution benefit offered by the System may be adopted by the employer at the discretion of the employer. Makes a conforming change. Amends the State Mandates Act to require implementation without reimbursement by the State. Effective immediately.

Actions 
DateChamber Action
  1/28/2022HouseFiled with the Clerk by Rep. Stephanie A. Kifowit
  1/31/2022HouseFirst Reading
  1/31/2022HouseReferred to Rules Committee
  2/9/2022HouseAssigned to Personnel & Pensions Committee
  2/18/2022HouseRule 19(a) / Re-referred to Rules Committee
  2/24/2022HouseAdded Co-Sponsor Rep. Barbara Hernandez
  1/10/2023HouseSession Sine Die

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