HB2941 97TH GENERAL ASSEMBLY

97TH GENERAL ASSEMBLY State of Illinois 2011 and 2012
HB2941

Introduced 2/23/2011, by Rep. Roger L. Eddy

SYNOPSIS AS INTRODUCED:

40 ILCS 5/16-101 from Ch. 108 1/2, par. 16-101

Amends the Downstate Teachers Article of the Illinois Pension Code.

States that the Teachers' Retirement System of the State of
Illinois is a

governmental plan. Provides that there may be no revision of trust funds or a return of employer contributions, unless permitted by statute. Specifies that a participant's rights to his normal retirement benefit is nonforfeitable on his attainment of retirement.

LRB097 09614 JDS 49751 b

FISCAL NOTE ACT MAY APPLY

PENSION IMPACT NOTE ACT MAY APPLY

A BILL FOR

HB2941

LRB097 09614 JDS 49751 b

1 AN ACT concerning public employee benefits.

2 Be it enacted by the People of the State of Illinois,

3 represented in the General Assembly:

4 Section 5. The Illinois Pension Code is amended by changing

5 Section 16-101 as follows:

6 (40 ILCS 5/16-101) (from Ch. 108 1/2, par. 16-101)

7 Sec. 16-101. Creation of system.

8 (a)Effective July 1, 1939, there is created the "Teachers'

9 Retirement System of the State of Illinois" for the purpose of

10 providing retirement annuities and other benefits for

11 teachers, annuitants and beneficiaries. All of its business

12 shall be transacted, its funds invested, and its assets held in

13 such name.

14 (b) This is a governmental plan under Section 414(d) of the

15 Internal Revenue Code of the United States. This plan is

16 intended to satisfy Section 401(a) of that Section by meeting

17 the requirements of Section 414(d) of that Section. There may

18 be no revision of trust funds or a return of employer

19 contributions, except those permitted by statute. A

20 participant's rights to his normal retirement benefit are

21 nonforfeitable on his attainment of retirement.

22 (Source: P.A. 83-1440.)