Bill Status of HB 4593   96th General Assembly

Short Description:  PENSION-SELF-MANAGED PLANS

House Sponsors
Rep. Mike Fortner

Last Action  View All Actions

DateChamber Action
  1/11/2011HouseSession Sine Die

Statutes Amended In Order of Appearance
40 ILCS 5/2-103.1 new
40 ILCS 5/2-103.2 new
40 ILCS 5/2-117.4 new
40 ILCS 5/2-126from Ch. 108 1/2, par. 2-126
40 ILCS 5/2-126.2 new
40 ILCS 5/2-162.1 new
40 ILCS 5/14-103.40 new
40 ILCS 5/14-103.41 new
40 ILCS 5/14-104.14 new
40 ILCS 5/14-133from Ch. 108 1/2, par. 14-133
40 ILCS 5/14-133.2 new
40 ILCS 5/14-152.2
40 ILCS 5/16-122.2 new
40 ILCS 5/16-122.3 new
40 ILCS 5/16-124.5 new
40 ILCS 5/16-152from Ch. 108 1/2, par. 16-152
40 ILCS 5/16-158.2 new
40 ILCS 5/16-203.1 new
40 ILCS 5/18-118.1 new
40 ILCS 5/18-118.2 new
40 ILCS 5/18-120.2 new
40 ILCS 5/18-133from Ch. 108 1/2, par. 18-133
40 ILCS 5/18-133.2 new
40 ILCS 5/18-169.1 new

Synopsis As Introduced
Amends the General Assembly, State Employee, Downstate Teacher, and Judges Articles of the Illinois Pension Code. Allows certain eligible employees to elect to participate in a self-managed program of retirement benefits instead of the program of retirement benefits currently offered and automatically enrolls certain participants in the General Assembly Retirement system, certain SERS members who are employed in double-exempt positions, and certain TRS members who are employed in a contractual position with a governing board. Provides that a self-managed plan shall authorize a participating employee to accumulate assets for retirement through a combination of employer and employee contributions that may be invested at the employee's direction in mutual funds, collective investment funds, or other investment products and used to purchase annuity contracts. Requires the System to make the self-managed plan available by January 1, 2010. Provides that, to the extent that the changes made by the amendatory Act are determined to be a new benefit increase under new benefit increase provisions, the changes are exempt from the 5-year expiration provision. Effective immediately.

Actions 
DateChamber Action
  7/1/2009HouseFiled with the Clerk by Rep. Mike Fortner
  7/7/2009HouseFirst Reading
  7/7/2009HouseReferred to Rules Committee
  1/11/2011HouseSession Sine Die

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