Bill Status of HB 3130   98th General Assembly


Short Description:  PEN CD-REFORM STATE SYSTEMS

House Sponsors
Rep. Mary E. Flowers

Last Action  View All Actions

DateChamber Action
  12/3/2014HouseSession Sine Die

Statutes Amended In Order of Appearance
30 ILCS 122/20
30 ILCS 122/25
35 ILCS 5/203from Ch. 120, par. 2-203
40 ILCS 5/1-103.3
40 ILCS 5/2-124from Ch. 108 1/2, par. 2-124
40 ILCS 5/2-125from Ch. 108 1/2, par. 2-125
40 ILCS 5/2-134from Ch. 108 1/2, par. 2-134
40 ILCS 5/14-131
40 ILCS 5/14-132from Ch. 108 1/2, par. 14-132
40 ILCS 5/14-135.08from Ch. 108 1/2, par. 14-135.08
40 ILCS 5/15-155from Ch. 108 1/2, par. 15-155
40 ILCS 5/15-156from Ch. 108 1/2, par. 15-156
40 ILCS 5/15-165from Ch. 108 1/2, par. 15-165
40 ILCS 5/16-158from Ch. 108 1/2, par. 16-158
40 ILCS 5/16-158.2 new
40 ILCS 5/18-131from Ch. 108 1/2, par. 18-131
40 ILCS 5/18-132from Ch. 108 1/2, par. 18-132
40 ILCS 5/18-140from Ch. 108 1/2, par. 18-140

Synopsis As Introduced
Amends the Budget Stabilization Act. Provides for the transfer of $1 billion from the General Revenue Fund to the Pension Stabilization Fund in 2020 and each fiscal year thereafter. Provides for the termination of those transfers in State fiscal year 2057 or when each of the designated retirement systems has achieved the funding ratio prescribed by law for that retirement system, whichever occurs first. Specifies that the transferred amounts do not reduce and do not constitute payment of any portion of the required State contribution. Amends the Illinois Income Tax Act. Includes annual retirement income above $125,000 in the calculation of adjusted gross income. Amends the General Assembly, State Employee, State Universities, Downstate Teacher, and Judges Articles of the Illinois Pension Code. Provides a new funding formula, designed to bring the total assets of the System up to 80% of the total actuarial liabilities of the System by the end of State fiscal year 2057. Contains a funding guarantee that obligates the State to make certain contributions. Provides for the recalculation of the required State contribution to each of the Systems for State fiscal year 2014. Effective immediately.

 Pension Note (Government Forecasting & Accountability)
 The fiscal impact of HB 3130 is presently indiscernible. Upon receipt of a cost study detailing the effects of a new 45-year, 80% funding schedule, the Commission will update this note.

Actions 
DateChamber Action
  2/26/2013HouseFiled with the Clerk by Rep. Mary E. Flowers
  2/26/2013HouseFirst Reading
  2/26/2013HouseReferred to Rules Committee
  3/11/2013HouseAssigned to Personnel and Pensions Committee
  3/20/2013HousePension Note Filed
  3/22/2013HouseRule 19(a) / Re-referred to Rules Committee
  12/3/2014HouseSession Sine Die

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