Illinois General Assembly - Full Text of SB2607
Illinois General Assembly

  Bills & Resolutions  
  Compiled Statutes  
  Public Acts  
  Legislative Reports  
  IL Constitution  
  Legislative Guide  
  Legislative Glossary  

 Search By Number
 (example: HB0001)
Search Tips

Search By Keyword

Full Text of SB2607  103rd General Assembly

SB2607 103RD GENERAL ASSEMBLY

 


 
103RD GENERAL ASSEMBLY
State of Illinois
2023 and 2024
SB2607

 

Introduced 10/18/2023, by Sen. Robert F. Martwick

 

SYNOPSIS AS INTRODUCED:
 
40 ILCS 5/24-104.1  from Ch. 108 1/2, par. 24-104.1
30 ILCS 805/8.47 new

    Amends the Deferred Compensation Article of the Illinois Pension Code. Provides that, after January 1, 2024, the deferred compensation plan shall provide for the recovery of the expenses of its administration by charging fees equitably prorated among the participating employers (instead of by charging administrative expenses against the earnings from investments or by charging fees equitably prorated among the participating State employees or by such other appropriate and equitable method as the Illinois State Board of Investment shall determine). Amends the State Mandates Act to require implementation without reimbursement. Effective immediately.


LRB103 34461 RPS 64291 b

STATE MANDATES ACT MAY REQUIRE REIMBURSEMENT
MAY APPLY

 

 

A BILL FOR

 

SB2607LRB103 34461 RPS 64291 b

1    AN ACT concerning public employee benefits.
 
2    Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
 
4    Section 5. The Illinois Pension Code is amended by
5changing Section 24-104.1 as follows:
 
6    (40 ILCS 5/24-104.1)  (from Ch. 108 1/2, par. 24-104.1)
7    Sec. 24-104.1. Recovery of administrative expenses. Until
8January 1, 2024, the The Plan developed under Section 24-104
9shall also provide for the recovery of the expenses of its
10administration by charging such expenses against the earnings
11from investments or by charging fees equitably prorated among
12the participating State employees or by such other appropriate
13and equitable method as the Board shall determine. After
14January 1, 2024, the Plan developed under Section 24-104 shall
15provide for the recovery of the expenses of its administration
16by charging fees equitably prorated among the participating
17employers. Different methods for recovery of administrative
18expenses may be provided in relation to different types of
19investment programs, and the Board may provide for the
20allocation of administration expenses among varying types of
21programs for this purpose.
22    All sums advanced by appropriation to the State Board of
23Investment for the costs of the development and establishment

 

 

SB2607- 2 -LRB103 34461 RPS 64291 b

1of the Plan shall be repaid to the State treasury Treasury not
2later than June 30, 1986, without interest. The Plan shall
3provide for such repayment and may, for that purpose, provide
4for the recovery of the development and establishment costs by
5amortizing them as a part of the administrative expenses of
6the Plan over a period of years ending not later than June 30,
71986.
8(Source: P.A. 79-384.)
 
9    Section 90. The State Mandates Act is amended by adding
10Section 8.47 as follows:
 
11    (30 ILCS 805/8.47 new)
12    Sec. 8.47. Exempt mandate. Notwithstanding Sections 6 and
138 of this Act, no reimbursement by the State is required for
14the implementation of any mandate created by this amendatory
15Act of the 103rd General Assembly.
 
16    Section 99. Effective date. This Act takes effect upon
17becoming law.