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Public Act 100-0769
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| HB5137 Enrolled | LRB100 20023 RPS 35305 b |
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AN ACT concerning public employee benefits.
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Be it enacted by the People of the State of Illinois,
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represented in the General Assembly:
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Section 5. The Illinois Pension Code is amended by changing |
Sections 15-198 and 16-203 and by adding Sections 15-202 and |
16-204 as follows:
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(40 ILCS 5/15-198)
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Sec. 15-198. Application and expiration of new benefit |
increases. |
(a) As used in this Section, "new benefit increase" means |
an increase in the amount of any benefit provided under this |
Article, or an expansion of the conditions of eligibility for |
any benefit under this Article, that results from an amendment |
to this Code that takes effect after the effective date of this |
amendatory Act of the 94th General Assembly. "New benefit |
increase", however, does not include any benefit increase |
resulting from the changes made to Article 1 or this Article by |
Public Act 100-23 or this amendatory Act of the 100th General |
Assembly this amendatory Act of the 100th General Assembly. |
(b) Notwithstanding any other provision of this Code or any |
subsequent amendment to this Code, every new benefit increase |
is subject to this Section and shall be deemed to be granted |
only in conformance with and contingent upon compliance with |
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the provisions of this Section.
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(c) The Public Act enacting a new benefit increase must |
identify and provide for payment to the System of additional |
funding at least sufficient to fund the resulting annual |
increase in cost to the System as it accrues. |
Every new benefit increase is contingent upon the General |
Assembly providing the additional funding required under this |
subsection. The Commission on Government Forecasting and |
Accountability shall analyze whether adequate additional |
funding has been provided for the new benefit increase and |
shall report its analysis to the Public Pension Division of the |
Department of Insurance. A new benefit increase created by a |
Public Act that does not include the additional funding |
required under this subsection is null and void. If the Public |
Pension Division determines that the additional funding |
provided for a new benefit increase under this subsection is or |
has become inadequate, it may so certify to the Governor and |
the State Comptroller and, in the absence of corrective action |
by the General Assembly, the new benefit increase shall expire |
at the end of the fiscal year in which the certification is |
made.
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(d) Every new benefit increase shall expire 5 years after |
its effective date or on such earlier date as may be specified |
in the language enacting the new benefit increase or provided |
under subsection (c). This does not prevent the General |
Assembly from extending or re-creating a new benefit increase |
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by law. |
(e) Except as otherwise provided in the language creating |
the new benefit increase, a new benefit increase that expires |
under this Section continues to apply to persons who applied |
and qualified for the affected benefit while the new benefit |
increase was in effect and to the affected beneficiaries and |
alternate payees of such persons, but does not apply to any |
other person, including without limitation a person who |
continues in service after the expiration date and did not |
apply and qualify for the affected benefit while the new |
benefit increase was in effect.
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(Source: P.A. 100-23, eff. 7-6-17.)
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(40 ILCS 5/15-202 new) |
Sec. 15-202. Optional defined contribution benefit. As |
soon as practicable after the effective date of this amendatory |
Act of the 100th General Assembly, the System shall offer a |
defined contribution benefit to active members of the System. |
The defined contribution benefit shall be an optional benefit |
to any member who chooses to participate. The defined |
contribution benefit shall collect optional employee and |
optional employer contributions into an account and shall offer |
investment options to the participant. The benefit under this |
Section shall be operated in full compliance with any |
applicable State and federal laws, and the System shall utilize |
generally accepted practices in creating and maintaining the |
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benefit for the best interest of the participants. The System |
may use funds from the employee and employer contributions to |
defray any and all costs of creating and maintaining the |
benefit. The System shall produce an annual report on the |
participation in the benefit and shall make the report public.
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(40 ILCS 5/16-203)
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Sec. 16-203. Application and expiration of new benefit |
increases. |
(a) As used in this Section, "new benefit increase" means |
an increase in the amount of any benefit provided under this |
Article, or an expansion of the conditions of eligibility for |
any benefit under this Article, that results from an amendment |
to this Code that takes effect after June 1, 2005 (the |
effective date of Public Act 94-4). "New benefit increase", |
however, does not include any benefit increase resulting from |
the changes made to Article 1 or this Article by Public Act |
95-910, Public Act 100-23, or this amendatory Act of the 100th |
General Assembly or this amendatory Act of the 100th General |
Assembly. |
(b) Notwithstanding any other provision of this Code or any |
subsequent amendment to this Code, every new benefit increase |
is subject to this Section and shall be deemed to be granted |
only in conformance with and contingent upon compliance with |
the provisions of this Section.
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(c) The Public Act enacting a new benefit increase must |
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identify and provide for payment to the System of additional |
funding at least sufficient to fund the resulting annual |
increase in cost to the System as it accrues. |
Every new benefit increase is contingent upon the General |
Assembly providing the additional funding required under this |
subsection. The Commission on Government Forecasting and |
Accountability shall analyze whether adequate additional |
funding has been provided for the new benefit increase and |
shall report its analysis to the Public Pension Division of the |
Department of Insurance. A new benefit increase created by a |
Public Act that does not include the additional funding |
required under this subsection is null and void. If the Public |
Pension Division determines that the additional funding |
provided for a new benefit increase under this subsection is or |
has become inadequate, it may so certify to the Governor and |
the State Comptroller and, in the absence of corrective action |
by the General Assembly, the new benefit increase shall expire |
at the end of the fiscal year in which the certification is |
made.
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(d) Every new benefit increase shall expire 5 years after |
its effective date or on such earlier date as may be specified |
in the language enacting the new benefit increase or provided |
under subsection (c). This does not prevent the General |
Assembly from extending or re-creating a new benefit increase |
by law. |
(e) Except as otherwise provided in the language creating |
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the new benefit increase, a new benefit increase that expires |
under this Section continues to apply to persons who applied |
and qualified for the affected benefit while the new benefit |
increase was in effect and to the affected beneficiaries and |
alternate payees of such persons, but does not apply to any |
other person, including without limitation a person who |
continues in service after the expiration date and did not |
apply and qualify for the affected benefit while the new |
benefit increase was in effect.
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(Source: P.A. 100-23, eff. 7-6-17.)
|
(40 ILCS 5/16-204 new) |
Sec. 16-204. Optional defined contribution benefit. As |
soon as practicable after the effective date of this amendatory |
Act of the 100th General Assembly, the System shall offer a |
defined contribution benefit to active members of the System. |
The defined contribution benefit shall be an optional benefit |
to any member who chooses to participate. The defined |
contribution benefit shall collect optional employee and |
optional employer contributions into an account and shall offer |
investment options to the participant. The benefit under this |
Section shall be operated in full compliance with any |
applicable State and federal laws, and the System shall utilize |
generally accepted practices in creating and maintaining the |
benefit for the best interest of the participants. The System |
may use funds from the employee and employer contributions to |