Date	Chamber	Action
1/13/2015	Senate	Session Sine Die

Statutes Amended In Order of Appearance

40 ILCS 5/1-161 new

40 ILCS 5/2-124

from Ch. 108 1/2, par. 2-124

40 ILCS 5/14-131

40 ILCS 5/15-155

from Ch. 108 1/2, par. 15-155

40 ILCS 5/16-158

from Ch. 108 1/2, par. 16-158

40 ILCS 5/18-131

from Ch. 108 1/2, par. 18-131

30 ILCS 805/8.38 new

Synopsis As Introduced
Amends the Illinois Pension Code. Shifts the required State contributions under the State Universities and Downstate Teacher retirement systems to the actual employers, beginning in State fiscal year 2016. With respect to the 5 State-funded retirement systems: Provides a new funding formula for State and employer contributions, with a 100% funding goal through 2045 (determined using the projected unit credit actuarial cost method) and a 90% funding goal thereafter. Provides that no additional service credit may be accrued and no automatic increase in a retirement annuity shall be received. Provides that the pensionable salary of an active participant may not exceed that individual's pensionable salary as of the effective date. Provides that State-funded retirement systems shall establish self-directed retirement plans for all active participants and all employees hired on or after the effective date. Provides that all active participants shall have the option of participating in a self-directed retirement plan. Provides that these changes are controlling over any other law. Amends the State Mandates Act to require implementation without reimbursement. Includes a nonacceleration provision.

Actions 

Date	Chamber	Action
2/14/2014	Senate	Filed with Secretary by Sen. Jim Oberweis
2/14/2014	Senate	First Reading
2/14/2014	Senate	Referred to Assignments
3/5/2014	Senate	Assigned to Executive
3/6/2014	Senate	To Subcommittee on Special Issues (EX)
3/21/2014	Senate	Postponed - Executive; Subcommittee on Special Issues
3/28/2014	Senate	Rule 3-9(a) / Re-referred to Assignments
1/13/2015	Senate	Session Sine Die

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