David Friess
- Republican
- Representative
- District 115
Primary
Amends the Illinois Pension Code. With respect to the 5 State-funded Retirement Systems: requires each System to implement a Tier 3 plan by July 1, 2022 that aggregates State and employee contributions in individual participant accounts which are used for payouts after retirement. Provides that a person who becomes a participant of a System on or after July 1, 2022 shall participate in the Tier 3 plan instead of the defined benefit plan. Authorizes a Tier 1 or Tier 2 participant to elect to participate in the Tier 3 plan instead of the defined benefit plan and to also elect to terminate all participation in the defined benefit plan and to have a specified amount credited to his or her account. Makes related changes in the State Employees Group Insurance Act of 1971. Effective immediately.
No votes to display
Session Sine Die
Rule 19(a) / Re-referred to Rules Committee
Assigned to Personnel & Pensions Committee
Remove Chief Co-Sponsor Rep. Amy Elik
Added Chief Co-Sponsor Rep. Amy Elik
Referred to Rules Committee
First Reading
Filed with the Clerk by Rep. David Friess
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| Introduced | HTML PDF |
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