SB 734

Abstract

Amends the Illinois Pension Code. Makes a technical change in a Section concerning definitions. Senate Floor Amendment No. 1 Deletes reference to: 40 ILCS 5/1-101.1 Adds reference to: 40 ILCS 5/8-230.1 from Ch. 108 1/2, par. 8-230.1 30 ILCS 805/8.47 new Replaces everything after the enacting clause. Amends the Chicago Municipal Article of the Illinois Pension Code. In a provision authorizing certain employees to make a contribution and receive service credit for service with the Chicago Transit Authority or its predecessor, provides that the contribution shall be based on the assumption that the employee's salary throughout all of his or her service with the Chicago Transit Authority or its predecessor was at the rate of the employee's salary at the later of the date of his or her entrance or reentrance into the service as a municipal employee, as applicable (instead of at the date of his or her entrance into the service as a municipal employee). Amends the State Mandates Act to require implementation without reimbursement. House Floor Amendment No. 1 Deletes reference to: 40 ILCS 5/8-230.1 30 ILCS 805/8.47 new Adds reference to: 105 ILCS 5/22-95 new Replaces everything after the enacting clause. Amends the School Code. Specifies that the provisions apply to a school district with a full-time licensed teacher population of 575 or more teachers that maintain a 457 plan, except for the Chicago school district. Provides that every applicable school district shall make available to participants more than one financial institution or investment provider to provide services to the school district's 457 plan. Provides that a financial institution or investment provider, by entering into a written agreement, may offer or provide services to a plan offered, established, or maintained by a school district. Provides that each school district that offers a 457 plan shall make available to participants more than one financial institution or investment provider that has not entered into a written agreement to provide administration services and that provides services to a 457 plan offered to school districts. Provides that a financial institution or investment provider shall cover all plan administration costs agreed to by the school district relating to the administration of the 457 plan. Provides that nothing in the amendatory provisions shall apply to or impact the optional defined contribution benefit established by the Teachers' Retirement System of the State of Illinois under the Illinois Pension Code. Sets forth provisions regarding sharing plan data. House Floor Amendment No. 2 Provides that the requirement to select more than one financial institution or investment provider to provide services to the 457 plan does not apply to a plan established under Section 16-204 of the Illinois Pension Code.