|
| | 97TH GENERAL ASSEMBLY
State of Illinois
2011 and 2012
HB5578 Introduced 2/15/2012, by Rep. Dave Winters SYNOPSIS AS INTRODUCED:
|
| |
Amends the General Assembly Article of the Illinois Pension Code. Provides that active participants who first became participants in the System before January 9, 2013 shall, for periods of service on and after that date, be eligible only for the benefits provided to participants who first became participants on or after January 9, 2013. However, the retirement annuities of active participants who were participants in the System before January 9, 2013 shall be calculated based on a weighted average of the benefits earned before and after the effective date of this amendatory Act. Effective January 9, 2013.
|
| |
| | | FISCAL NOTE ACT MAY APPLY | | PENSION IMPACT NOTE ACT MAY APPLY |
| | A BILL FOR |
|
|
| | HB5578 | | LRB097 19116 EFG 66032 b |
|
|
| 1 | | AN ACT concerning public employee benefits.
|
| 2 | | Be it enacted by the People of the State of Illinois,
|
| 3 | | represented in the General Assembly:
|
| 4 | | Section 5. The Illinois Pension Code is amended by adding |
| 5 | | Section 2-163 as follows:
|
| 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 System before January 9, 2013 shall, |
| 10 | | for periods of service on and after that date, be eligible only |
| 11 | | for the benefits provided to participants who first became |
| 12 | | participants on or after January 9, 2013. However, the |
| 13 | | retirement annuities of active participants who were |
| 14 | | participants in the System before January 9, 2013 shall be |
| 15 | | calculated based on a weighted average of the benefits earned |
| 16 | | before and after the effective date of this Section.
|
| 17 | | Section 99. Effective date. This Act takes effect January |
| 18 | | 9, 2013.
|