Bill Status of HB 3276   99th General Assembly

Short Description:  PEN CD-GARS SELF-DIRECTED PLAN

House Sponsors
Rep. Ron Sandack

Last Action  View All Actions

DateChamber Action
  1/10/2017HouseSession Sine Die

Statutes Amended In Order of Appearance
40 ILCS 5/2-105.1
40 ILCS 5/2-124from Ch. 108 1/2, par. 2-124
40 ILCS 5/2-134from Ch. 108 1/2, par. 2-134
40 ILCS 5/2-167 new

Synopsis As Introduced
Amends the General Assembly Article of the Illinois Pension Code. Requires the General Assembly Retirement System to establish a self-directed retirement plan. Provides that for persons who become a participant on or after the effective date of the amendatory Act, participation in the System shall be limited to participation in the self-directed retirement plan. Allows a Tier 1 or Tier 2 participant to make an irrevocable election to participate in the self-directed retirement plan instead of the defined benefit plan. Makes changes to the pensionable salary for active participants. Provides that upon a participant's first day of participation in the self-directed retirement plan, the participant becomes vested in his or her contributions to the self-directed retirement plan, the employer's contributions to the self-directed retirement plan, and the investment returns attributable to those contributions credited to his or her account. Provides a new funding formula for State contributions, with a 100% funding goal through 2045 (determined using the entry age normal actuarial cost method) and a 100% funding goal thereafter.

Actions 
DateChamber Action
  2/25/2015HouseFiled with the Clerk by Rep. Ron Sandack
  2/26/2015HouseFirst Reading
  2/26/2015HouseReferred to Rules Committee
  1/10/2017HouseSession Sine Die

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