SB 3404

Abstract

Amends the State Employees Group Insurance Act of 1971. Provides that eligibility to participate in the program of health benefits for community college benefit recipients and community college dependent beneficiaries shall be determined by the appropriate community college and the determination will be provided to the State Universities Retirement System (was, determined by the State Universities Retirement System). Provides that nothing in provisions concerning the program of health benefits for community college benefit recipients and community college dependent beneficiaries and contribution to the Community College Health Insurance Security Fund establishes a duty on the part of the State Universities Retirement System to certify, verify, audit, or otherwise ensure the appropriateness or adequacy of the information received from the community colleges. Amends the Illinois Pension Code. Requires that all pension funds and retirement systems established under the Code be administered in a manner required to satisfy the applicable qualification requirements for a qualified governmental plan, as provided by the U.S. Internal Revenue Code. Specifies that provisions concerning approval of travel or educational missions do not apply to expenses necessarily incurred in the State of Illinois for attending board or board committee meetings or for carrying out duties as a trustee of the retirement system, pension fund, or investment board. Makes changes concerning an annual report to the Governor identifying economic opportunity investments made by pension funds. Makes changes concerning the appointment and election of trustees of the Board of Trustees of the State Universities Retirement System. Effective immediately.