Bill Status of HB 1959   97th General Assembly

Short Description:  PEN CD-GARS/JRS-MANAGED PLAN

House Sponsors
Rep. Mike Fortner-Robert W. Pritchard

Last Action  View All Actions

DateChamber Action
  1/8/2013HouseSession Sine Die

Statutes Amended In Order of Appearance
40 ILCS 5/2-103.1 new
40 ILCS 5/2-103.2 new
40 ILCS 5/2-117.4 new
40 ILCS 5/2-126from Ch. 108 1/2, par. 2-126
40 ILCS 5/2-126.2 new
40 ILCS 5/2-162.1 new
40 ILCS 5/18-118.1 new
40 ILCS 5/18-118.2 new
40 ILCS 5/18-120.2 new
40 ILCS 5/18-133from Ch. 108 1/2, par. 18-133
40 ILCS 5/18-133.2 new
40 ILCS 5/18-169.1 new

Synopsis As Introduced
Amends the General Assembly and Judges Articles of the Illinois Pension Code. Allows persons who first became or become employees in the affected Systems on or after January 1, 2011 to elect to participate in a self-managed program of retirement benefits instead of the program of reformed retirement benefits currently offered. Provides that a self-managed plan shall authorize a participant to accumulate assets for retirement through a combination of employer and employee contributions that may be invested at the participant's direction in mutual funds, collective investment funds, or other investment products and used to purchase annuity contracts. Requires the affected Systems to make the self-managed plan available within 6 months after the effective date of the amendatory Act. Provides that, to the extent that the changes made by the amendatory Act are determined to be a new benefit increase under the new benefit increase provisions, the changes are exempt from the 5-year expiration provision. Effective immediately.

Actions 
DateChamber Action
  2/17/2011HouseFiled with the Clerk by Rep. Mike Fortner
  2/17/2011HouseFirst Reading
  2/17/2011HouseReferred to Rules Committee
  2/17/2011HouseAdded Chief Co-Sponsor Rep. Robert W. Pritchard
  2/23/2011HouseAssigned to Personnel and Pensions Committee
  3/17/2011HouseDo Pass / Short Debate Personnel and Pensions Committee; 007-000-000
  3/17/2011HousePlaced on Calendar 2nd Reading - Short Debate
  4/6/2011HouseHouse Floor Amendment No. 1 Filed with Clerk by Rep. Mike Fortner
  4/6/2011HouseHouse Floor Amendment No. 1 Referred to Rules Committee
  4/14/2011HouseSecond Reading - Short Debate
  4/14/2011HouseHeld on Calendar Order of Second Reading - Short Debate
  4/15/2011HouseRule 19(a) / Re-referred to Rules Committee
  1/8/2013HouseSession Sine Die

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