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| | 97TH GENERAL ASSEMBLY
State of Illinois
2011 and 2012
HB2016 Introduced , by Rep. Dave Winters SYNOPSIS AS INTRODUCED:
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Amends the General Assembly Article of the Illinois Pension Code. Provides that active participants who first became participants in the fund before January 1, 2011 shall, for periods of service on and after the effective date of the amendatory Act, be eligible only for the benefits provided to participants who first became participants on or after January 1, 2011. Specifies that the retirement annuities of active participants who were participants in the fund before January 1, 2011 shall be calculated based on a weighted average of the benefits earned before and after the effective date of the amendatory Act.
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| | | FISCAL NOTE ACT MAY APPLY | | PENSION IMPACT NOTE ACT MAY APPLY |
| | A BILL FOR |
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| | HB2016 | | LRB097 09231 JDS 49366 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 | | Section 2-163 as follows:
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| 6 | | (40 ILCS 5/2-163 new) |
| 7 | | Sec. 2-163. Blended pension benefit. Beginning on the |
| 8 | | effective date of this Section, active participants who first |
| 9 | | became participants in the fund before January 1, 2011 shall, |
| 10 | | for periods of service on and after the effective date of this |
| 11 | | Section, be eligible only for the benefits provided to |
| 12 | | participants who first became participants on or after January |
| 13 | | 1, 2011. However, the retirement annuities of active |
| 14 | | participants who were participants in the fund before January |
| 15 | | 1, 2011 shall be calculated based on a weighted average of the |
| 16 | | benefits earned before and after the effective date of this |
| 17 | | Section.
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