SB 1300

Abstract

Amends the Cook County Article of the Illinois Pension Code. In a provision concerning employer contributions to the Fund, provides that the contributions may be taken from any revenue source, including, but not limited to, other tax revenue, proceeds of borrowings, or State or federal funds. Effective immediately. House Floor Amendment No. 5 Deletes reference to: 40 ILCS 5/9-169 Adds reference to: 20 ILCS 3501/801-10 20 ILCS 3501/801-40 20 ILCS 3501/805-20 40 ILCS 5/1-101.6 new 40 ILCS 5/1-109.3 40 ILCS 5/1-113.12 40 ILCS 5/1-160 40 ILCS 5/1A-102 40 ILCS 5/1A-104 40 ILCS 5/1A-109 40 ILCS 5/1A-111 40 ILCS 5/1A-112 40 ILCS 5/1A-113 40 ILCS 5/3-111 from Ch. 108 1/2, par. 3-111 40 ILCS 5/3-112 from Ch. 108 1/2, par. 3-112 40 ILCS 5/3-124.3 new 40 ILCS 5/3-125 from Ch. 108 1/2, par. 3-125 40 ILCS 5/3-132 from Ch. 108 1/2, par. 3-132 40 ILCS 5/3-132.1 new 40 ILCS 5/4-109 from Ch. 108 1/2, par. 4-109 40 ILCS 5/4-114 from Ch. 108 1/2, par. 4-114 40 ILCS 5/4-117.2 new 40 ILCS 5/4-118 from Ch. 108 1/2, par. 4-118 40 ILCS 5/4-123 from Ch. 108 1/2, par. 4-123 40 ILCS 5/4-123.2 new 40 ILCS 5/7-159 from Ch. 108 1/2, par. 7-159 40 ILCS 5/14-110 from Ch. 108 1/2, par. 14-110 40 ILCS 5/14-152.1 40 ILCS 5/15-120 from Ch. 108 1/2, par. 15-120 40 ILCS 5/15-135 from Ch. 108 1/2, par. 15-135 40 ILCS 5/15-136 from Ch. 108 1/2, par. 15-136 40 ILCS 5/15-159 from Ch. 108 1/2, par. 15-159 40 ILCS 5/15-198 40 ILCS 5/16-163 from Ch. 108 1/2, par. 16-163 40 ILCS 5/16-164 from Ch. 108 1/2, par. 16-164 40 ILCS 5/16-165 from Ch. 108 1/2, par. 16-165 40 ILCS 5/Art. 22B heading new 40 ILCS 5/22B-101 new 40 ILCS 5/22B-102 new 40 ILCS 5/22B-103 new 40 ILCS 5/22B-104 new 40 ILCS 5/22B-105 new 40 ILCS 5/22B-106 new 40 ILCS 5/22B-107 new 40 ILCS 5/22B-108 new 40 ILCS 5/22B-112 new 40 ILCS 5/22B-113 new 40 ILCS 5/22B-114 new 40 ILCS 5/22B-115 new 40 ILCS 5/22B-116 new 40 ILCS 5/22B-117 new 40 ILCS 5/22B-118 new 40 ILCS 5/22B-119 new 40 ILCS 5/22B-120 new 40 ILCS 5/22B-121 new 40 ILCS 5/22B-122 new 40 ILCS 5/22B-123 new 40 ILCS 5/22B-124 new 40 ILCS 5/22B-125 new 40 ILCS 5/Art. 22C heading new 40 ILCS 5/22C-101 new 40 ILCS 5/22C-102 new 40 ILCS 5/22C-103 new 40 ILCS 5/22C-104 new 40 ILCS 5/22C-105 new 40 ILCS 5/22C-106 new 40 ILCS 5/22C-107 new 40 ILCS 5/22C-108 new 40 ILCS 5/22C-112 new 40 ILCS 5/22C-113 new 40 ILCS 5/22C-114 new 40 ILCS 5/22C-115 new 40 ILCS 5/22C-116 new 40 ILCS 5/22C-117 new 40 ILCS 5/22C-118 new 40 ILCS 5/22C-119 new 40 ILCS 5/22C-120 new 40 ILCS 5/22C-121 new 40 ILCS 5/22C-122 new 40 ILCS 5/22C-123 new 40 ILCS 5/22C-124 new 40 ILCS 5/22C-125 new 50 ILCS 145/25 625 ILCS 5/2-115 from Ch. 95 1/2, par. 2-115 30 ILCS 805/8.43 Replaces everything after the enacting clause. Amends the Illinois Pension Code. Creates the Police Officers' Pension Investment Fund and the Firefighters' Pension Investment Fund. Provides for the transfer of the assets and investment authority of downstate police and downstate firefighter pension funds to the Police Officers' Pension Investment Fund and the Firefighters' Pension Investment Fund. Contains provisions concerning the composition of the board of the investment funds; powers and duties; reporting and recordkeeping; auditing of downstate police and downstate firefighter funds; management of investments; and rulemaking. Reduces the amount of training required for trustees under the Downstate Police and Downstate Firefighter Articles. Makes changes to the calculation of certain survivor's benefits for Tier 2 police and firefighters, the calculation of "final average salary" for Tier 2 police and firefighters, and to the limitation on salary applicable to Tier 2 police and firefighters. Makes conforming and other changes. In the Illinois Municipal Retirement Fund (IMRF) Article, authorizes certain surviving spouses of annuitants to re-establish rights to a surviving spouse annuity. In the State Employee Article, provides that the alternative retirement annuity provisions apply to a Tier 2 conservation police officer, investigator for the Secretary of State, Commerce Commission police officer, or arson investigator and authorizes those persons to establish up to 8 years of eligible creditable service for past service. Authorizes a State Policeman to elect to establish up to 5 years of eligible creditable service under the alternative retirement annuity formula for service as a full-time law enforcement officer outside of Illinois. In the State Universities Article: makes changes concerning the retirement age for certain Tier 2 members who have at least 20 years of service as a police officer or firefighter; and provides that the chairperson of the Board shall be appointed by the Governor from among the trustees (instead of the Chairperson of the Board of Higher Education acting as chairperson of the board of trustees). In the Downstate Teacher Article: adds a member of the board of trustees to be appointed by the Governor; adds a member of the board of trustees who is a teacher and elected by the contributing members; provides that the president of the board shall be appointed by the Governor from among the trustees (instead of the Superintendent of Education serving as president of the board); and provides that not more than 4 of the 5 active teachers elected to the Board of Trustees may be active members of the same statewide teacher organization. Amends the Illinois Finance Authority Act. Adds costs incurred in connection with the transition process to the definition of "public purpose project". Authorizes the Illinois Finance Authority to make loans to the Police Officers' Pension Investment Fund and the Firefighters' Pension Investment Fund. Makes other changes. Amends the Local Government Officer Compensation Act. Provides that language reducing an elected officer's compensation to zero if he or she is receiving specified pension benefits from the Illinois Municipal Retirement Fund does not apply to a unit of local government that has adopted a specified ordinance or resolution effective prior to January 1, 2019. Amends the Illinois Vehicle Code. Provides that a Capitol Police Investigator (instead of a Capitol Police Investigator who began employment on or after January 1, 2011) may not be retained in service after he or she has reached 65 years of age. Amends the State Mandates Act to require implementation without reimbursement. Effective January 1, 2020. House Floor Amendment No. 6 Provides that the Police Officers' Pension Investment Fund (instead of a third party, including the Police Officers' Pension Investment Fund) shall not have the authority to control, alter, or modify, or the ability to review or intervene in, the proceedings or decisions of the fund. Provides that the Firefighters' Pension Investment Fund (instead of a third party, including the Firefighters' Pension Investment Fund) shall not have the authority to control, alter, or modify, or the ability to review or intervene in, the proceedings or decisions of the fund. House Floor Amendment No. 7 In the State Employee Article of the Illinois Pension Code: provides that the alternative retirement annuity provisions apply to a Tier 2 investigator for the Department of Revenue or the Illinois Gaming Board and authorizes a Tier 2 investigator for the Department of Revenue or the Illinois Gaming Board to convert up to 8 years of certain service credit established before the effective date of the amendatory Act into eligible creditable service upon application and payment of a specified contribution.