HB5578 97TH GENERAL ASSEMBLY

  
  

 


 
97TH GENERAL ASSEMBLY
State of Illinois
2011 and 2012
HB5578

 

Introduced 2/15/2012, by Rep. Dave Winters

 

SYNOPSIS AS INTRODUCED:
 
40 ILCS 5/2-163 new

    Amends the General Assembly Article of the Illinois Pension Code. Provides that active participants who first became participants in the System before January 9, 2013 shall, for periods of service on and after that date, be eligible only for the benefits provided to participants who first became participants on or after January 9, 2013. However, the retirement annuities of active participants who were participants in the System before January 9, 2013 shall be calculated based on a weighted average of the benefits earned before and after the effective date of this amendatory Act. Effective January 9, 2013.


LRB097 19116 EFG 66032 b

FISCAL NOTE ACT MAY APPLY
PENSION IMPACT NOTE ACT MAY APPLY

 

 

A BILL FOR

 

HB5578LRB097 19116 EFG 66032 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
5Section 2-163 as follows:
 
6    (40 ILCS 5/2-163 new)
7    Sec. 2-163. Blended pension benefit. Beginning on the
8effective date of this Section, active participants who first
9became participants in the System before January 9, 2013 shall,
10for periods of service on and after that date, be eligible only
11for the benefits provided to participants who first became
12participants on or after January 9, 2013. However, the
13retirement annuities of active participants who were
14participants in the System before January 9, 2013 shall be
15calculated based on a weighted average of the benefits earned
16before and after the effective date of this Section.
 
17    Section 99. Effective date. This Act takes effect January
189, 2013.