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| | 102ND GENERAL ASSEMBLY
State of Illinois
2021 and 2022
HB2975 Introduced 2/19/2021, 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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| | HB2975 | | LRB102 14903 RPS 20257 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 102nd General Assembly, an |
| 11 | | administrative fee equal to 4.95% of the amount of the annuity |
| 12 | | payment shall be applied. Notwithstanding Section 1-103.1, |
| 13 | | this Section applies without regard to whether the person |
| 14 | | receiving the annuity was in service on or after the effective |
| 15 | | date of this amendatory Act of the 102nd 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 102nd General Assembly, an |
| 21 | | administrative fee equal to 4.95% of the amount of the annuity |
| 22 | | payment shall be applied. Notwithstanding Section 1-103.1, |