Date	Chamber	Action
12/3/2014	House	Session Sine Die

Statutes Amended In Order of Appearance

40 ILCS 5/1-161 new

40 ILCS 5/2-124

from Ch. 108 1/2, par. 2-124

40 ILCS 5/14-131

40 ILCS 5/15-155

from Ch. 108 1/2, par. 15-155

40 ILCS 5/16-158

from Ch. 108 1/2, par. 16-158

40 ILCS 5/18-131

from Ch. 108 1/2, par. 18-131

Synopsis As Introduced
Amends the Illinois Pension Code. With respect to the 5 State-funded retirement systems: Provides a new funding formula for State contributions, with a funding goal of 100% for fiscal years 2016 through 2047 and 90% thereafter. Provides that no additional service credit may be accrued and no automatic increase in a retirement annuity shall be received. Provides that the pensionable salary of an active participant may not exceed that individual's pensionable salary as of the effective date. Provides that State-funded retirement systems shall establish self-directed retirement plans for all active participants and all employees hired on or after the effective date. Provides that all active participants shall have the option of participating in a self-directed retirement plan. Provides that these changes are controlling over any other law. In the Sections that were amended by Public Act 98-599, deletes the changes made by Public Act 98-599.

Actions 

Date	Chamber	Action
2/13/2014	House	Filed with the Clerk by Rep. Thomas Morrison
2/14/2014	House	First Reading
2/14/2014	House	Referred to Rules Committee
12/3/2014	House	Session Sine Die

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