Bill Status of SB 3408   96th General Assembly

Short Description:  PENCD-DEFINED CONTRI PLANS

Senate Sponsors
Sen. Bill Brady

Last Action  View All Actions

DateChamber Action
  1/12/2011SenateSession 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 5/14-105.8 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 5/15-103.3
40 ILCS 5/15-134.5
40 ILCS 5/15-158.2
40 ILCS 5/15-198.1 new
40 ILCS 5/16-104.1 new
40 ILCS 5/16-104.2 new
40 ILCS 5/16-131.7 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 5/18-105.1 new
40 ILCS 5/18-105.2 new
40 ILCS 5/18-123.3 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 Illinois Pension Code. Requires the General Assembly Retirement System, the State Employees' Retirement System of Illinois, the State Universities Retirement System, the Teachers' Retirement System of the State of Illinois, and the Judges Retirement System of Illinois to automatically enroll its newly eligible employees in a self-managed program of retirement benefits instead of the program of retirement benefits currently offered and allows currently eligible employees to elect to participate in the self-managed program. 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. Provides that, to the extent that the changes made by the amendatory Act are determined to be a new benefit increase, the changes are exempt from the 5-year expiration provision. Effective immediately.

Actions 
DateChamber Action
  2/10/2010SenateFiled with Secretary by Sen. Bill Brady
  2/10/2010SenateFirst Reading
  2/10/2010SenateReferred to Assignments
  2/24/2010SenateAssigned to Pensions and Investments
  3/4/2010SenatePostponed - Pensions and Investments
  3/8/2010SenateRule 3-9(a) / Re-referred to Assignments
  1/12/2011SenateSession Sine Die

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