Bill Status of HB1089  94th General Assembly

Short Description:  PENCD-SERS-DEFINED CONTRI PLAN

House Sponsors
Rep. Randall M. Hultgren

Last Action
DateChamber Action
  1/9/2007HouseSession Sine Die

Statutes Amended In Order of Appearance
40 ILCS 5/14-103.40 new
40 ILCS 5/14-103.41 new
40 ILCS 5/14-105.8 new
40 ILCS 5/14-133from Ch. 108 1/2, par. 14-133
40 ILCS 5/14-133.2 new


Synopsis As Introduced
Amends the State Employee Article of the Illinois Pension Code. Provides that the System may offer to employees the option to participate in a self-managed program of retirement benefits instead of the program of retirement benefits currently offered. Provides that a self-managed plan shall authorize a participating employee to accumulate assets for retirement through a combination of employer and employee contributions that may be invested at the employee's direction in mutual funds, collective investment funds, or other investment products and used to purchase annuity contracts. Effective immediately.

Actions 
DateChamber Action
  2/8/2005HouseFiled with the Clerk by Rep. Randall M. Hultgren
  2/8/2005HouseFirst Reading
  2/8/2005HouseReferred to Rules Committee
  2/10/2005HouseAssigned to Executive Committee
  3/10/2005HouseRule 19(a) / Re-referred to Rules Committee
  1/9/2007HouseSession Sine Die