Illinois General Assembly - Bill Status for HB0166

Replaces everything after the enacting clause. Amends the General Provisions, Chicago Laborers, and Chicago Municipal Articles of the Illinois Pension Code. Changes the way a person who first becomes a member or a participant under the Chicago Laborers Article or Chicago Municipal Article on or after the effective date of Public Act 100-23 is referenced in provisions concerning new hires. Makes related changes. Changes the way a Tier 2 employee that made a specified election is referred to in these Articles. In provisions of the Chicago Laborers and Chicago Municipal Articles concerning employee contributions, provides that beginning July 6, 2017, the fund under each Article shall credit sums equal to 6% of each payment of an employee's salary for annuity purposes. Provides that the amounts credited for annuity purposes shall not be credited for refund purposes. Makes related changes. Provides that for the one-year period beginning with the first pay period in January of each year (rather than on or) after the date when the funded ratio of the fund as determined in the annual actuarial valuation is first determined to have reached the 90% funding goal, and each subsequent one-year period (rather than pay period) thereafter for as long as the fund maintains a funding ratio of 75% or more, employee contributions for age and service annuity for each employee who first became a member or participant under the Chicago Laborers Article or Chicago Municipal Article on or after the effective date of Public Act 100-23 or a Tier 2 employee that made a specified election shall be 5.5% of each payment of salary. Amends the Chicago Laborers Article. Provides that an annuitant who directs the retirement board to pay the annuity due him or her to a financial institution shall hold the board and the fund harmless from any claim or loss related to any error as to whether the financial institution is or continues to be federally insured. Deletes language providing that the board may also, in the case of any disability beneficiary or annuitant for whom no estate guardian has been appointed and who is confined in a publicly owned and operated mental institution, pay such disability benefit or annuity due such person to the superintendent or other head of such institution or hospital for deposit to such person's trust fund account maintained for him or her by such institution or hospital, if by law such trust fund accounts are authorized or recognized. Makes other changes. Effective immediately.

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