100TH GENERAL ASSEMBLY
State of Illinois
2017 and 2018
HB3475

 

Introduced , by Rep. Peter Breen

 

SYNOPSIS AS INTRODUCED:
 
40 ILCS 5/2-125.5 new
40 ILCS 5/14-132.5 new
40 ILCS 5/15-156.5 new
40 ILCS 5/16-158.5 new
40 ILCS 5/18-132.5 new

    Amends the General Assembly, State Employee, State Universities, Downstate Teachers, and Judges Articles of the Illinois Pension Code. Provides that beginning in fiscal year 2019, the discount rate shall be the actual 30-year rolling rate of return experienced by the System. Effective immediately.


LRB100 09546 RPS 19712 b

FISCAL NOTE ACT MAY APPLY
PENSION IMPACT NOTE ACT MAY APPLY

 

 

A BILL FOR

 

HB3475LRB100 09546 RPS 19712 b

1    AN ACT concerning public employee benefits.
 
2    Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
 
4    Section 5. The Illinois Pension Code is amended by adding
5Sections 2-125.5, 14-132.5, 15-156.5, 16-158.5, and 18-132.5
6as follows:
 
7    (40 ILCS 5/2-125.5 new)
8    Sec. 2-125.5. Discount rate. Notwithstanding any other
9provision, beginning in fiscal year 2019, the discount rate
10shall be the actual 30-year rolling rate of return experienced
11by the System.
 
12    (40 ILCS 5/14-132.5 new)
13    Sec. 14-132.5. Discount rate. Notwithstanding any other
14provision, beginning in fiscal year 2019, the discount rate
15shall be the actual 30-year rolling rate of return experienced
16by the System.
 
17    (40 ILCS 5/15-156.5 new)
18    Sec. 15-156.5. Discount rate. Notwithstanding any other
19provision, beginning in fiscal year 2019, the discount rate
20shall be the actual 30-year rolling rate of return experienced
21by the System.
 

 

 

HB3475- 2 -LRB100 09546 RPS 19712 b

1    (40 ILCS 5/16-158.5 new)
2    Sec. 16-158.5. Discount rate. Notwithstanding any other
3provision, beginning in fiscal year 2019, the discount rate
4shall be the actual 30-year rolling rate of return experienced
5by the System.
 
6    (40 ILCS 5/18-132.5 new)
7    Sec. 18-132.5. Discount rate. Notwithstanding any other
8provision, beginning in fiscal year 2019, the discount rate
9shall be the actual 30-year rolling rate of return experienced
10by the System.
 
11    Section 99. Effective date. This Act takes effect upon
12becoming law.