Bill Status of HB 5872   96th General Assembly

Short Description:  PENSION-SELF-MANAGED PLANS

House Sponsors
Rep. Mike Fortner-Darlene J. Senger-Michael W. Tryon-Renée Kosel

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 5/2-126from Ch. 108 1/2, par. 2-126
40 ILCS 5/2-126.2 new
40 ILCS 5/14-103.40 new
40 ILCS 5/14-103.41 new
40 ILCS 5/14-133from Ch. 108 1/2, par. 14-133
40 ILCS 5/14-133.2 new
40 ILCS 5/16-122.2 new
40 ILCS 5/16-122.3 new
40 ILCS 5/16-152from Ch. 108 1/2, par. 16-152
40 ILCS 5/16-158.2 new
40 ILCS 5/18-118.1 new
40 ILCS 5/18-118.2 new
40 ILCS 5/18-133from Ch. 108 1/2, par. 18-133
40 ILCS 5/18-133.2 new

Synopsis As Introduced
Amends the General Assembly, State Employee, Downstate Teacher, and Judges Articles of the Illinois Pension Code. Requires the retirement systems to each establish and administer a self-managed plan that shall offer participants the opportunity to accumulate assets for retirement through a combination of participant and State contributions that may be invested in mutual funds, collective investment funds, or other investment products and used to purchase annuity contracts, either fixed or variable or a combination of fixed and variable. Provides that, for a member who first becomes a member after January 1, 2011, for a member of the State Employees' Retirement System of Illinois who becomes employed in a double-exempt position after January 1, 2011, and for a member of the Teachers' Retirement System of the State of Illinois who becomes employed in a contractual position with the governing board after January 1, 2011, any portion of the member's yearly salary that exceeds the Social Security Covered Wage Base for that year shall be subject to the self-managed plan. Makes related changes. Effective immediately.

House Committee Amendment No. 1
Adds reference to:
40 ILCS 5/15-158.2

Replaces everything after the enacting clause with the introduced bill with the following changes. Amends the State Universities Article of the Illinois Pension Code. Provides that employers under the Article must (rather than may elect to) adopt the self-managed plan. Provides that, for a participant who first becomes a participant under the Article after January 1, 2011, any portion of the participant's yearly salary that exceeds the Social Security Covered Wage Base for that year shall be subject to the self-managed plan. Effective immediately.

Actions 
DateChamber Action
  2/10/2010HouseFiled with the Clerk by Rep. Mike Fortner
  2/10/2010HouseFirst Reading
  2/10/2010HouseReferred to Rules Committee
  2/16/2010HouseAssigned to Personnel and Pensions Committee
  2/23/2010HouseAdded Chief Co-Sponsor Rep. Darlene J. Senger
  2/23/2010HouseAdded Chief Co-Sponsor Rep. Michael W. Tryon
  3/4/2010HouseAdded Chief Co-Sponsor Rep. Renée Kosel
  3/11/2010HouseHouse Committee Amendment No. 1 Filed with Clerk by Personnel and Pensions Committee
  3/11/2010HouseHouse Committee Amendment No. 1 Adopted in Personnel and Pensions Committee; by Voice Vote
  3/11/2010HouseRemains in Personnel and Pensions Committee
  3/15/2010HouseRule 19(a) / Re-referred to Rules Committee
  1/11/2011HouseSession Sine Die

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