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SB3389 - 104th General Assembly
PEN CD-TRS-SELF-MANAGED PLAN
Last Action
Statutes Amended In Order of Appearance
40 ILCS 5/16-106.42 new
40 ILCS 5/16-115 new
40 ILCS 5/16-210 new
40 ILCS 5/16-215 new
30 ILCS 805/8.50 new
Synopsis As Introduced
Amends the Downstate Teacher Article of the Illinois Pension Code. Provides that employers under the Article may elect to establish a self-managed plan for members as an alternative to the traditional benefit package. Provides that an employee of an employer that establishes a self-managed plan shall be given the choice to elect which retirement program he or she wishes to participate in with respect to all periods of covered employment occurring on and after the effective date of the employee's election. Sets forth provisions concerning definitions, adoption of the self-managed plan by employers, selection of service providers, establishment of an initial account balance, employee and employer contributions, plan termination, vesting, and benefit amounts. Provides that any benefit increase that results from the amendatory Act is excluded from the definition of "new benefit increase". Amends the State Mandates Act to require implementation without reimbursement.
Actions
| Date | Chamber | Action |
|---|---|---|
| 2/04/2026 | Senate | Filed with Secretary by Sen. Li Arellano, Jr. |
| 2/04/2026 | Senate | First Reading |
| 2/04/2026 | Senate | Referred to Assignments |
| 3/04/2026 | Senate | Added as Co-Sponsor Sen. Chris Balkema |