HB 4839

  • Illinois House Bill
  • 100th Regular Session
  • Introduced in House
  • House
  • Senate
  • Governor

Pencd-State Sys-Tier 3

Abstract

Amends the Illinois Pension Code. For the 5 State-funded Retirement Systems: Requires implementation of a Tier 3 plan that aggregates State and employee contributions in individual participant accounts. Provides that a person who becomes a participant on or after July 1, 2019 shall participate in the Tier 3 plan. Authorizes a Tier 1 or Tier 2 participant to elect to participate in the Tier 3 plan. Repeals provisions relating to a hybrid benefit plan and makes related changes. Requires Systems to offer an optional accelerated benefit payment to certain members in lieu of receiving a pension and authorizes the issuance of bonds for those payments. Authorizes a person to elect not to participate or to terminate participation in the Systems. Restricts participation in the General Assembly Retirement System to current participants. In Articles 7, 14, 15, and 16, for new participants, prohibits unused sick or vacation time from being used to calculate pensionable salary or establish service credit. In Articles 15 and 16, requires an employer to pay the projected costs of the increase in pension benefits associated with an increase in salary. In Article 16, prohibits an employer from making employee contributions on behalf of an employee, except as specified. Amends other Acts to prohibit collective bargaining over that prohibition and make conforming changes. Effective immediately.

Bill Sponsors (1)

Votes


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Actions


Jan 08, 2019

House

Session Sine Die

Apr 13, 2018

House

Rule 19(a) / Re-referred to Rules Committee

Mar 21, 2018

House

Assigned to Personnel & Pensions Committee

Feb 14, 2018

House

Filed with the Clerk by Rep. Jeanne M Ives

House

First Reading

House

Referred to Rules Committee

Bill Text

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Sources

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