Bill Status of HB 2375   98th General Assembly

Short Description:  INCOME TAX-PENSION REFORM

House Sponsors
Rep. Lou Lang-Greg Harris

Last Action  View All Actions

DateChamber Action
  12/3/2014HouseSession Sine Die

Statutes Amended In Order of Appearance
5 ILCS 375/6from Ch. 127, par. 526
20 ILCS 2505/2505-427 new
35 ILCS 5/201from Ch. 120, par. 2-201
35 ILCS 5/224 new
40 ILCS 5/1-103.3
40 ILCS 5/2-119from Ch. 108 1/2, par. 2-119
40 ILCS 5/2-119.01from Ch. 108 1/2, par. 2-119.01
40 ILCS 5/2-124from Ch. 108 1/2, par. 2-124
40 ILCS 5/2-126from Ch. 108 1/2, par. 2-126
40 ILCS 5/14-107from Ch. 108 1/2, par. 14-107
40 ILCS 5/14-108from Ch. 108 1/2, par. 14-108
40 ILCS 5/14-110from Ch. 108 1/2, par. 14-110
40 ILCS 5/14-131
40 ILCS 5/14-133from Ch. 108 1/2, par. 14-133
40 ILCS 5/15-135from Ch. 108 1/2, par. 15-135
40 ILCS 5/15-136from Ch. 108 1/2, par. 15-136
40 ILCS 5/15-155from Ch. 108 1/2, par. 15-155
40 ILCS 5/15-155.1 new
40 ILCS 5/15-157from Ch. 108 1/2, par. 15-157
40 ILCS 5/15-165from Ch. 108 1/2, par. 15-165
40 ILCS 5/16-132from Ch. 108 1/2, par. 16-132
40 ILCS 5/16-133from Ch. 108 1/2, par. 16-133
40 ILCS 5/16-133.2from Ch. 108 1/2, par. 16-133.2
40 ILCS 5/16-152from Ch. 108 1/2, par. 16-152
40 ILCS 5/16-158from Ch. 108 1/2, par. 16-158
40 ILCS 5/16-158.1from Ch. 108 1/2, par. 16-158.1
40 ILCS 5/18-124from Ch. 108 1/2, par. 18-124
40 ILCS 5/18-125from Ch. 108 1/2, par. 18-125
40 ILCS 5/18-131from Ch. 108 1/2, par. 18-131
40 ILCS 5/18-133from Ch. 108 1/2, par. 18-133
30 ILCS 805/8.37 new

Synopsis As Introduced
Amends the State Employees Group Insurance Act of 1971. Provides that, beginning in State fiscal year 2014, a member who is eligible for medicare shall pay the full premium amount for his or her healthcare coverage under the Act. Amends the Illinois Pension Code. For the 5 State-funded retirement systems, incrementally increases employee contributions by a total of 3% of salary, imposes a minimum retirement age of 67 (or 62 with a discounted annuity), changes the funding goal from 90% to 80%, and changes the funding formula (beginning in FY2014, applies a 50-year amortization formula to reach an 80% funding ratio). In the State Universities and Downstate Teacher Articles, shifts costs to local employers. Amends the Illinois Income Tax Act. Makes the current tax rates permanent. In any fiscal year in which the total State contribution to the State-funded retirement systems is less than the proceeds from the income tax increase and the debt service savings from the retirement of the 2010 and 2011 Pension Obligation Notes, grants a refundable income tax credit equal to the difference. Amends the Department of Revenue Law of the Civil Administrative Code of Illinois. Requires the Department of Revenue and the State Comptroller to make certain determinations and certifications. Contains an inseverability provision. Effective immediately.

 Pension Note (Government Forecasting & Accountability)
 An actuarial cost study would be required to determine the precise fiscal impact of HB 2375. An updated impact note will be issued when an actuarial cost study becomes available from the State retirement systems.

Actions 
DateChamber Action
  2/20/2013HouseFiled with the Clerk by Rep. Lou Lang
  2/20/2013HouseAdded Chief Co-Sponsor Rep. Greg Harris
  2/20/2013HouseFirst Reading
  2/20/2013HouseReferred to Rules Committee
  2/25/2013HouseAssigned to Personnel and Pensions Committee
  3/6/2013HousePension Note Filed
  3/22/2013HouseRule 19(a) / Re-referred to Rules Committee
  12/3/2014HouseSession Sine Die

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