Illinois General Assembly - Bill Status for HB4532
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 Bill Status of HB4532  99th General Assembly

Short Description:  PEN CD-SURS-SELF MANAGED PLAN

House Sponsors
Rep. Carol Sente - Elaine Nekritz - Jeanne M Ives - Michael J. Zalewski - Stephanie A. Kifowit, Jerry Costello, II and Sheri Jesiel

Senate Sponsors
(Sen. Daniel Biss)

Last Action
DateChamber Action
  1/10/2017HouseSession Sine Die

Statutes Amended In Order of Appearance
40 ILCS 5/15-158.2


Synopsis As Introduced
Amends the State Universities Article of the Illinois Pension Code. Requires the System to provide advance notice to a participant in the self-managed plan of the participant's obligation to direct the investment of employee and employer contributions into one or more investment funds selected by the System at the time he or she makes his or her initial retirement plan selection. Provides that if a participant in the self-managed plan fails to direct the investment of employee and employer contributions into the various investment options offered to the participant when making his or her initial retirement election choice, the System shall invest the employee and employer contributions in a default investment fund on behalf of the participant, and the investment shall be deemed to have been made at the participant's investment direction. Provides that the participant has the right to transfer account balances out of the default investment fund during time periods designated by the System. Effective immediately.

Actions 
DateChamber Action
  1/27/2016HouseFiled with the Clerk by Rep. Elaine Nekritz
  1/27/2016HouseFirst Reading
  1/27/2016HouseReferred to Rules Committee
  2/23/2016HouseAssigned to Personnel and Pensions Committee
  3/3/2016HouseDo Pass / Short Debate Personnel and Pensions Committee; 009-000-000
  3/3/2016HousePlaced on Calendar 2nd Reading - Short Debate
  3/3/2016HouseHouse Floor Amendment No. 1 Filed with Clerk by Rep. Elaine Nekritz
  3/3/2016HouseHouse Floor Amendment No. 1 Referred to Rules Committee
  4/13/2016HouseChief Sponsor Changed to Rep. Carol Sente
  4/14/2016HouseAdded Chief Co-Sponsor Rep. Elaine Nekritz
  4/14/2016HouseAdded Chief Co-Sponsor Rep. Jeanne M Ives
  4/14/2016HouseAdded Chief Co-Sponsor Rep. Michael J. Zalewski
  4/14/2016HouseAdded Chief Co-Sponsor Rep. Stephanie A. Kifowit
  4/14/2016HouseAdded Co-Sponsor Rep. Jerry Costello, II
  4/14/2016HouseAdded Co-Sponsor Rep. Sheri Jesiel
  4/15/2016HouseSecond Reading - Short Debate
  4/15/2016HouseHeld on Calendar Order of Second Reading - Short Debate
  4/19/2016HousePlaced on Calendar Order of 3rd Reading - Short Debate
  4/20/2016HouseThird Reading - Short Debate - Passed 115-000-000
  4/20/2016SenateArrive in Senate
  4/20/2016SenatePlaced on Calendar Order of First Reading
  4/20/2016SenateChief Senate Sponsor Sen. Daniel Biss
  4/20/2016SenateFirst Reading
  4/20/2016SenateReferred to Assignments
  5/30/2016SenateApproved for Consideration Assignments
  5/30/2016SenatePlaced on Calendar Order of 2nd Reading May 30, 2016
  5/31/2016SenateSecond Reading
  5/31/2016SenatePlaced on Calendar Order of 3rd Reading May 31, 2016
  7/31/2016SenatePursuant to Senate Rule 3-9(b) / Referred to Assignments
  1/10/2017HouseSession Sine Die

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