Illinois General Assembly - Bill Status for HB3424
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 Bill Status of HB3424  99th General Assembly


House Sponsors
Rep. Thomas Morrison

Last Action
DateChamber Action
  1/10/2017HouseSession Sine Die

Statutes Amended In Order of Appearance
40 ILCS 5/1-161 new
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 5/14-131
40 ILCS 5/14-135.08from Ch. 108 1/2, par. 14-135.08
40 ILCS 5/15-155from Ch. 108 1/2, par. 15-155
40 ILCS 5/15-165from Ch. 108 1/2, par. 15-165
40 ILCS 5/16-158from Ch. 108 1/2, par. 16-158
40 ILCS 5/18-131from Ch. 108 1/2, par. 18-131
40 ILCS 5/18-140from Ch. 108 1/2, par. 18-140

Synopsis As Introduced
Amends the Illinois Pension Code. Provides that the 5 State-funded retirement systems shall establish self-directed retirement plans for all active participants. Provides that, except for certain annuitants who have 30 years of service credit, an annuitant shall not receive an automatic increase in retirement annuity. Requires the Public Pension Division of the Department of Insurance to develop a schedule that, subject to certain requirements, increases the minimum retirement age of active participants who are ineligible to retire as of the effective date of the amendatory Act. Provides that the Division's schedule shall also provide for the adjustment of minimum retirement ages using a matrix that (i) takes into account the current statutory retirement age for various classes of persons and service credit accrued by those persons and (ii) proportionally discounts the increase in statutory retirement ages based on proximity to the currently established minimum retirement age. Requires a participant, except for a participant who is a covered employee under the State Employee Article, to contribute 8% of his or her compensation to the plan and requires the employer to contribute 7% of the participant's compensation to the plan. Establishes a schedule for vesting in employer contributions. Beginning State fiscal year 2016, makes changes to the prescribed funding formulas for the 5 State-funded retirement systems.

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

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