SB 3549

  • Illinois Senate Bill
  • 98th Regular Session
  • Introduced in Senate
  • Senate
  • House
  • Governor

Pens Cd-Funding Goal

Abstract

Amends the Illinois Pension Code. With respect to the 5 State-funded retirement systems: Provides a new funding formula for State contributions, with a funding goal of 100% for fiscal years 2016 through 2047 and 90% thereafter. Provides that no additional service credit may be accrued and no automatic increase in a retirement annuity shall be received. Provides that the pensionable salary of an active participant may not exceed that individual's pensionable salary as of the effective date. Provides that State-funded retirement systems shall establish self-directed retirement plans for all active participants and all employees hired on or after the effective date. Provides that all active participants shall have the option of participating in a self-directed retirement plan. Provides that these changes are controlling over any other law. In the Sections that were amended by Public Act 98-599, deletes the changes made by Public Act 98-599.

Bill Sponsors (1)

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Actions


Jan 13, 2015

Senate

Session Sine Die

Mar 28, 2014

Senate

Rule 3-9(a) / Re-referred to Assignments

Mar 21, 2014

Senate

Postponed - Executive; Subcommittee on Special Issues

Mar 06, 2014

Senate

To Subcommittee on Special Issues (EX)

Mar 05, 2014

Senate

Assigned to Executive

Feb 14, 2014

Senate

Filed with Secretary by Sen. Kyle McCarter

Senate

Referred to Assignments

Senate

First Reading

Bill Text

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