SB3003 101ST GENERAL ASSEMBLY

LRB101 17953 RPS 67389 b

101ST GENERAL ASSEMBLY
State of Illinois
2019 and 2020
SB3003

Introduced 2/5/2020, by Sen. Christopher Belt

SYNOPSIS AS INTRODUCED:

40 ILCS 5/16-101

from Ch. 108 1/2, par. 16-101

Amends the Illinois Pension Code. Makes a technical change in a Section concerning downstate teachers.

PENSION IMPACT NOTE ACT MAY APPLY

A BILL FOR

AN ACT concerning public employee benefits.

Be it enacted by the People of the State of Illinois, represented in the General Assembly:

Section 5. The Illinois Pension Code is amended by changing Section 16-101 as follows:

(40 ILCS 5/16-101) (from Ch. 108 1/2, par. 16-101)

Sec. 16-101. Creation of system. Effective July 1, 1939, there is created the the "Teachers' Retirement System of the State of Illinois" for the purpose of providing retirement annuities and other benefits for teachers, annuitants and beneficiaries. All of its business shall be transacted, its funds invested, and its assets held in such name.

(Source: P.A. 83-1440.)