Bill Status of HB 1271   98th General Assembly

Short Description:  PEN CD-TIER III-STATE SYSTEMS

House Sponsors
Rep. André M. Thapedi

Last Action  View All Actions

DateChamber Action
  12/3/2014HouseSession Sine Die

Statutes Amended In Order of Appearance
40 ILCS 5/1-160
40 ILCS 5/1-163 new
40 ILCS 5/2-124from Ch. 108 1/2, par. 2-124
40 ILCS 5/14-131
40 ILCS 5/15-155from Ch. 108 1/2, par. 15-155
40 ILCS 5/16-158from Ch. 108 1/2, par. 16-158
40 ILCS 5/18-131from Ch. 108 1/2, par. 18-131
30 ILCS 805/8.37 new

Synopsis As Introduced
Amends the Illinois Pension Code. Creates a Tier III benefit package applicable to persons who first begin participating in one of the State-funded retirement systems on or after July 1, 2014. Provides for retirement benefits and certain employee contribution changes that supersede the corresponding provisions of the applicable retirement system. Provides that those retirement benefits may be annually increased or decreased in response to the retirement system's investment earnings. Changes the amount of the required State contributions and, in the State Universities and Downstate Teacher Articles, requires the actual employers to make contributions to amortize any unfunded liabilities arising out of their employees who are Tier III participants. Provides that, when the State's total debt service obligation for certain pension bonds has ended, any funds remaining available for the payment of that debt service shall be distributed to the 5 State-funded retirement systems, to be used to reduce their unfunded actuarial liabilities. Amends the State Mandates Act to require implementation without reimbursement. Effective immediately.

Actions 
DateChamber Action
  2/4/2013HouseFiled with the Clerk by Rep. André M. Thapedi
  2/4/2013HouseFirst Reading
  2/4/2013HouseReferred to Rules Committee
  2/13/2013HouseAssigned to Personnel and Pensions Committee
  3/22/2013HouseRule 19(a) / Re-referred to Rules Committee
  12/3/2014HouseSession Sine Die

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