Bill Status of SB 2591   98th General Assembly

Short Description:  PENCD-SURS-TIER 3

Senate Sponsors
Sen. Michael E. Hastings-Napoleon Harris, III

Last Action  View All Actions

DateChamber Action
  1/13/2015SenateSession Sine Die

Statutes Amended In Order of Appearance
40 ILCS 5/1-160
40 ILCS 5/15-103.4 new
40 ILCS 5/15-107.1 new
40 ILCS 5/15-107.2 new
40 ILCS 5/15-111from Ch. 108 1/2, par. 15-111
40 ILCS 5/15-125from Ch. 108 1/2, par. 15-125
40 ILCS 5/15-134.5
40 ILCS 5/15-136from Ch. 108 1/2, par. 15-136
40 ILCS 5/15-136.4
40 ILCS 5/15-157from Ch. 108 1/2, par. 15-157
40 ILCS 5/15-157.2 new
40 ILCS 5/15-158.2
40 ILCS 5/15-158.5 new
40 ILCS 5/15-158.6 new
40 ILCS 5/15-159from Ch. 108 1/2, par. 15-159
40 ILCS 5/15-198
40 ILCS 5/20-121from Ch. 108 1/2, par. 20-121
40 ILCS 5/20-123from Ch. 108 1/2, par. 20-123
40 ILCS 5/20-124from Ch. 108 1/2, par. 20-124
40 ILCS 5/20-125from Ch. 108 1/2, par. 20-125
30 ILCS 805/8.37 new

Synopsis As Introduced
Amends the State Universities Article of the Illinois Pension Code. Changes the definition of "effective rate of interest" for a fiscal year to the interest rate of 30-year United States Treasury bonds as of the beginning of that fiscal year, plus 75 basis points. Defines "Tier 1" and "Tier 3" participants and creates a new Tier 3 benefit program, applicable to all new participants and to Tier 2 participants who elect to participate, consisting of both a Tier 3 defined contribution component and a Tier 3 defined benefit component. Excludes Tier 3 participants from the portable benefit package and the self-managed plan. Imposes an additional contribution on Tier 1 participants, which increases incrementally until it reaches 2.0% of earnings; excludes these contributions from being considered under the Rule 2 money-purchase formula. Reduces the automatic annual increase in retirement annuity for Tier 1 participants to one-half of the annual unadjusted percentage increase in the consumer price index-u; increases the automatic annual increase in retirement annuity for Tier 3 participants over the Tier 2 level by compounding the increases and removing the 3% annual maximum. Adds 2 additional members to the Board of Trustees, to be appointed by the Governor with the advice and consent of the Senate. Also, beginning in 2015, converts 2 of the elected active participant positions on the Board into active participant positions appointed by the Governor. Includes a new benefit increase exemption. Also makes technical and conforming changes. Amends the State Mandates Act to require implementation without reimbursement. Contains a severability provision. Effective immediately.

Actions 
DateChamber Action
  5/31/2013SenateFiled with Secretary by Sen. Michael E. Hastings
  5/31/2013SenateFirst Reading
  5/31/2013SenateReferred to Assignments
  6/19/2013SenateAdded as Chief Co-Sponsor Sen. Napoleon Harris, III
  1/13/2015SenateSession Sine Die

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