Illinois General Assembly - Bill Status for HB 2589

Bill Status of HB 2589 103rd General Assembly

Short Description: PEN CD-TIER 3 PLAN

House Sponsors
Rep. Travis Weaver

Last Action View All Actions

Date Chamber Action
  2/15/2023 House Referred to Rules Committee

Statutes Amended In Order of Appearance
5 ILCS 375/3 from Ch. 127, par. 523
5 ILCS 375/10 from Ch. 127, par. 530
40 ILCS 5/1-160
40 ILCS 5/1-161
40 ILCS 5/2-105.3 new
40 ILCS 5/2-162
40 ILCS 5/2-165.5 new
40 ILCS 5/14-103.41
40 ILCS 5/14-103.44 new
40 ILCS 5/14-103.45 new
40 ILCS 5/14-152.1
40 ILCS 5/14-155.5 new
40 ILCS 5/15-108.1
40 ILCS 5/15-108.2
40 ILCS 5/15-108.3 new
40 ILCS 5/15-198
40 ILCS 5/15-200.5 new
40 ILCS 5/16-106.41
40 ILCS 5/16-106.42 new
40 ILCS 5/16-106.43 new
40 ILCS 5/16-203
40 ILCS 5/16-205.5 new
40 ILCS 5/18-110.1 new
40 ILCS 5/18-110.2 new
40 ILCS 5/18-110.3 new
40 ILCS 5/18-121.5 new
40 ILCS 5/18-124 from Ch. 108 1/2, par. 18-124
40 ILCS 5/18-125 from Ch. 108 1/2, par. 18-125
40 ILCS 5/18-125.1 from Ch. 108 1/2, par. 18-125.1
40 ILCS 5/18-127 from Ch. 108 1/2, par. 18-127
40 ILCS 5/18-128.01 from Ch. 108 1/2, par. 18-128.01
40 ILCS 5/18-133 from Ch. 108 1/2, par. 18-133
40 ILCS 5/18-169
40 ILCS 5/20-121 from Ch. 108 1/2, par. 20-121
40 ILCS 5/20-123 from Ch. 108 1/2, par. 20-123
40 ILCS 5/20-124 from Ch. 108 1/2, par. 20-124
40 ILCS 5/20-125 from Ch. 108 1/2, par. 20-125

Synopsis As Introduced
Amends the Illinois Pension Code. With respect to the 5 State-funded Retirement Systems: requires each System to implement a Tier 3 plan by July 1, 2024 that aggregates State and employee contributions in individual participant accounts which are used for payouts after retirement. Provides that a person who becomes a participant of a System on or after July 1, 2024 shall participate in the Tier 3 plan instead of the defined benefit plan. Authorizes a Tier 1 or Tier 2 participant to elect to participate in the Tier 3 plan instead of the defined benefit plan and to also elect to terminate all participation in the defined benefit plan and to have a specified amount credited to his or her account. Makes related changes in the State Employees Group Insurance Act of 1971. Effective immediately.

Actions
Date Chamber Action
  2/15/2023 House Filed with the Clerk by Rep. Travis Weaver
  2/15/2023 House First Reading
  2/15/2023 House Referred to Rules Committee

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