Illinois General Assembly - Bill Status for SB2284
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 Bill Status of SB2284  100th General Assembly


Short Description:  PEN CD-GARS SELF-DIRECTED PLAN

Senate Sponsors
Sen. Chuck Weaver and Dale A. Righter

Last Action
DateChamber Action
  4/27/2018SenateRule 3-9(a) / Re-referred to Assignments

Statutes Amended In Order of Appearance
40 ILCS 5/2-105.3 new
40 ILCS 5/2-117from Ch. 108 1/2, par. 2-117
40 ILCS 5/2-167 new
40 ILCS 5/2-105.1 rep.


Synopsis As Introduced
Amends the General Assembly Article of the Illinois Pension Code. Requires the General Assembly Retirement System to establish a self-directed retirement plan. Provides that for persons who become a participant on or after the effective date of the amendatory Act, participation in the System shall be limited to participation in the self-directed retirement plan. Allows a Tier 1 or Tier 2 participant to make an irrevocable election to participate in the self-directed retirement plan instead of the defined benefit plan. Makes changes to the pensionable salary for active participants. Provides that upon a participant's first day of participation in the self-directed retirement plan, the participant becomes vested in his or her contributions to the self-directed retirement plan, the employer's contributions to the self-directed retirement plan, and the investment returns attributable to those contributions credited to his or her account. Provides that a member who has filed notice of an election not to participate may become a Tier 3 participant without making a specified required contribution by filing with the board a written rescission of the election not to participate if he or she elects to participate in the self-directed retirement plan. Provides that a member who files the written rescission without making the required contribution and only participates in the self-directed retirement plan may not receive credit for service as a member prior to the date of the rescission. Repeals a provision added by Public Act 98-599, which has been held unconstitutional, that defines "Tier 1 participant" and "Tier 2 participant".

Actions 
DateChamber Action
  1/10/2018SenateFiled with Secretary by Sen. Chuck Weaver
  1/10/2018SenateFirst Reading
  1/10/2018SenateReferred to Assignments
  3/1/2018SenateAssigned to Licensed Activities and Pensions
  3/14/2018SenateAdded as Co-Sponsor Sen. Dale A. Righter
  4/13/2018SenateRule 2-10 Committee Deadline Established As April 27, 2018
  4/19/2018SenateTo Subcommittee on Special Issues (LA)
  4/27/2018SenateRule 3-9(a) / Re-referred to Assignments

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