Bill Status of HB5411 102nd General Assembly
Short Description: PENCD-TRS-DEFINED CONTRIBUTION
Rep. Stephanie A. Kifowit and Barbara Hernandez
| 1/10/2023||House||Session Sine Die|
Statutes Amended In Order of Appearance
Synopsis As Introduced
Amends the Downstate Teacher Article of the Illinois Pension Code. Provides that a person who first becomes a member on or after January 1, 2023 shall have 3% of his or her pre-tax compensation contributed to a plan that is eligible under Section 457(b) of the Internal Revenue Code of 1986 offered by a vendor approved by his or her employer. Provides that to satisfy this requirement, the defined contribution benefit offered by the System may be adopted by the employer at the discretion of the employer. Makes a conforming change. Amends the State Mandates Act to require implementation without reimbursement by the State. Effective immediately.