Illinois General Assembly - Bill Status for HB 134

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, 2015. 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.

Date	Chamber	Action
1/10/2017	House	Session Sine Die

Date	Chamber	Action
1/14/2015	House	Filed with the Clerk by Rep. André Thapedi
1/14/2015	House	First Reading
1/14/2015	House	Referred to Rules Committee
3/23/2016	House	Assigned to Personnel and Pensions Committee
4/4/2016	House	Pension Note Filed
4/8/2016	House	Rule 19(a) / Re-referred to Rules Committee
1/10/2017	House	Session Sine Die

	Pension Note (Government Forecasting & Accountability)
	As of June 30, 2014, the 5 State Retirement Systems have $104.619 billion in combined unfunded liabilities at Market Value, making for a cumulative funded ratio of 42.9%. Unfortunately, the fiscal impact on HB 134 is presently indeterminable. This impact note will be updated when an actuarial cost study becomes available.