Illinois General Assembly

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 Bill Status of HB6149  97th General Assembly


Short Description:  PEN CD-CASH BALANCE ACCOUNTS

House Sponsors
Rep. Daniel Biss

Last Action
DateChamber Action
  1/8/2013HouseSession Sine Die

Statutes Amended In Order of Appearance
40 ILCS 5/1-160
40 ILCS 5/1-161 new
40 ILCS 5/2-107.1 new
40 ILCS 5/2-108.1from Ch. 108 1/2, par. 2-108.1
40 ILCS 5/2-119from Ch. 108 1/2, par. 2-119
40 ILCS 5/2-119.01from Ch. 108 1/2, par. 2-119.01
40 ILCS 5/2-119.1from Ch. 108 1/2, par. 2-119.1
40 ILCS 5/2-121.1from Ch. 108 1/2, par. 2-121.1
40 ILCS 5/2-122from Ch. 108 1/2, par. 2-122
40 ILCS 5/2-126from Ch. 108 1/2, par. 2-126
40 ILCS 5/15-113.6from Ch. 108 1/2, par. 15-113.6
40 ILCS 5/18-110.1 new
40 ILCS 5/18-124from Ch. 108 1/2, par. 18-124
40 ILCS 5/18-125from Ch. 108 1/2, par. 18-125
40 ILCS 5/18-125.1from Ch. 108 1/2, par. 18-125.1
40 ILCS 5/18-127from Ch. 108 1/2, par. 18-127
40 ILCS 5/18-128.01from Ch. 108 1/2, par. 18-128.01
40 ILCS 5/18-133from Ch. 108 1/2, par. 18-133
40 ILCS 5/20-121from Ch. 108 1/2, par. 20-121
40 ILCS 5/20-123from Ch. 108 1/2, par. 20-123
40 ILCS 5/20-124from Ch. 108 1/2, par. 20-124
40 ILCS 5/20-125from Ch. 108 1/2, par. 20-125
30 ILCS 805/8.36 new


Synopsis As Introduced
Amends the Illinois Pension Code in relation to the 5 State-funded retirement systems. For persons who first become participants on or after July 1, 2013, creates a new benefit package based on an individual "notional cash balance account" instead of the regular benefits of the systems. The plan provides for a different employee contribution rate; for retirement and survivor's annuities based on the participant's account balance; and for annual increases of the lesser of 3% or 1/2 of the annual increase in the cpi-u. Includes other provisions. Also includes conforming and technical changes. Amends the State Mandates Act to require implementation without reimbursement. Effective January 1, 2013.

Actions 
DateChamber Action
  4/5/2012HouseFiled with the Clerk by Rep. Daniel Biss
  4/10/2012HouseFirst Reading
  4/10/2012HouseReferred to Rules Committee
  1/8/2013HouseSession Sine Die

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