Bill Status of SB 3549   98th General Assembly

Short Description:  PENS CD-FUNDING GOAL

Senate Sponsors
Sen. Kyle McCarter

Last Action  View All Actions

DateChamber Action
  1/13/2015SenateSession Sine Die

Statutes Amended In Order of Appearance
40 ILCS 5/1-161 new
40 ILCS 5/2-124from Ch. 108 1/2, par. 2-124
40 ILCS 5/14-131
40 ILCS 5/15-155from Ch. 108 1/2, par. 15-155
40 ILCS 5/16-158from Ch. 108 1/2, par. 16-158
40 ILCS 5/18-131from 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 
DateChamber Action
  2/14/2014SenateFiled with Secretary by Sen. Kyle McCarter
  2/14/2014SenateFirst Reading
  2/14/2014SenateReferred to Assignments
  3/5/2014SenateAssigned to Executive
  3/6/2014SenateTo Subcommittee on Special Issues (EX)
  3/21/2014SenatePostponed - Executive; Subcommittee on Special Issues
  3/28/2014SenateRule 3-9(a) / Re-referred to Assignments
  1/13/2015SenateSession Sine Die

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