98TH GENERAL ASSEMBLY
State of Illinois
2013 and 2014
SB3481
 
Introduced 2/14/2014, by Sen. Sue Rezin
 
SYNOPSIS AS INTRODUCED:
 

 
5 ILCS 315/5.2 new
115 ILCS 5/5.1 new

     Amends the Illinois Public Labor Relations Act. Requires the Illinois Labor Relations Board to notify employees covered under the Act when a bill or amendment that underfunds or misses a pension payment is introduced or filed and does not comply with the payment plan under current law. Provides that this notification must be sent by e-mail to employees covered under the Act within 5 days of the introduction or filing of the bill or amendment. Provides that the notification shall include information regarding who filed witness slips in favor of, in opposition to, or neutral towards the bill or amendment. Requires the Illinois Public Labor Relations Board to post data on its Internet website regarding current, past, and future pension funding, as well as other related pension data, using reports provided by the Commission on Government Forecasting and Accountability. Adds corresponding provisions in the Illinois Educational Labor Relations Act. Effective immediately.
  


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FISCAL NOTE ACT MAY APPLY
 
 
A BILL FOR
 

  
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1    AN ACT concerning government.
  
 
2    Be it enacted by the People of the State of Illinois,
 
3represented in the General Assembly:
  
 
 
4    Section 5. The Illinois Public Labor Relations Act is 
5amended  by adding Section 5.2 as follows:
 
6    (5 ILCS 315/5.2 new)
7    Sec. 5.2. Additional duties; pensions; notification. 
8    (a) The Board shall notify employees covered under this Act 
9when a bill or amendment that underfunds or misses a pension 
10payment is introduced or filed and does not comply with the 
11payment plan under current law. This notification must be sent 
12by e-mail to employees covered under this Act within 5 days of 
13the introduction or filing of the bill or amendment. The 
14notification shall include information regarding who filed 
15witness slips in favor of, in opposition to, or neutral towards 
16the bill or amendment.
17    (b) The Board shall post, on a one-page printable document, 
18the following data on its Internet website using reports 
19provided by the Commission on Government Forecasting and 
20Accountability:
21        (1)  Pension funding or underfunding over the previous 
22    10 years. "Underfunding" means the failure to meet the 
23    payment plan under current law.
 
 
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1        (2) The amount borrowed by the State to make pension 
2    payments over the previous 10 years.
3        (3) The investment return for the year and the average 
4    investment return over 5 years, with the assumed rate of 
5    return to be determined by the Board.
6        (4) The rate of liquidation of assets.
7        (5) The cost to the taxpayers of unfunded added 
8    benefits, including, but not limited to, the extension of 
9    early retirement.
10        (6) A projection of the number of years that pension 
11    funds can afford to pay the benefits promised to annuitants 
12    with the assets available over the next 10 years under 
13    current law.
14        (7) Any important timely information pertinent to 
15    pension funding, including, but not limited to, credit 
16    downgrades that cite underfunded pensions as a reason for 
17    the downgrade.
 
18    Section 10. The Illinois Educational Labor Relations Act is 
19amended  by adding Section 5.1 as follows:
 
20    (115 ILCS 5/5.1 new)
21    Sec. 5.1. Additional duties; pensions; notification. 
22    (a) The Board shall notify employees covered under this Act 
23when a bill or an amendment that underfunds or misses a pension 
24payment is introduced or filed and does not comply with the 
 
 
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1payment plan under current law. This notification must be sent 
2by e-mail to employees covered under this Act within 5 days of 
3the introduction or filing of the bill or amendment. The 
4notifications shall include information regarding who filed 
5witness slips in favor of, in opposition to, or neutral towards 
6the bill or amendment.
7    (b) The Board shall post, on a one-page printable document, 
8the following data on its Internet website using reports 
9provided by the Commission on Government Forecasting and 
10Accountability:
11        (1)  Pension funding or underfunding over the previous 
12    10 years. "Underfunding" means the failure to meet the 
13    payment plan under current law.
14        (2) The amount borrowed by the State to make pension 
15    payments over the previous 10 years.
16        (3) The investment return for the year and the average 
17    investment return over 5 years, with the assumed rate of 
18    return to be determined by the Board.
19        (4) The rate of liquidation of assets.
20        (5) The cost to the taxpayers of unfunded added 
21    benefits, including, but not limited to, the extension of 
22    early retirement.
23        (6) A projection of the number of years that pension 
24    funds can afford to pay the benefits promised to annuitants 
25    with the assets available over the next 10 years under 
26    current law.
 
 
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1        (7) Any important timely information pertinent to 
2    pension funding, including, but not limited to, credit 
3    downgrades that cite underfunded pensions as a reason for 
4    the downgrade.
 
 
5    Section 99. Effective date. This Act takes effect upon 
6becoming law.