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| | 102ND GENERAL ASSEMBLY
State of Illinois
2021 and 2022
HB2578 Introduced 2/19/2021, by Rep. Mike Murphy SYNOPSIS AS INTRODUCED:
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Amends the Regulation of Public Pension Funds Article of the Illinois Pension Code. Creates the Task Force on Public Pension Funds and Retirement Systems to study and make recommendations for changes to public pension funds and retirement systems that can reduce the burden on taxpayers and ensure that members of public pension funds and retirement systems are treated fairly in their retirement. Requires the Task Force to report its findings and recommendations to the General Assembly by October 31, 2021. Repeals the provisions on October 31, 2022. Effective immediately.
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| | | PENSION IMPACT NOTE ACT MAY APPLY | |
| | A BILL FOR |
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| | HB2578 | | LRB102 14198 RPS 19550 b |
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| 1 | | AN ACT concerning public employee benefits.
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| 2 | | Be it enacted by the People of the State of Illinois,
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| 3 | | represented in the General Assembly:
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| 4 | | Section 5. The Illinois Pension Code is amended by adding |
| 5 | | Section 1A-205 as follows:
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| 6 | | (40 ILCS 5/1A-205 new) |
| 7 | | Sec. 1A-205. Task Force on Public Pension Funds and |
| 8 | | Retirement Systems. |
| 9 | | (a) The Task Force on Public Pension Funds and Retirement |
| 10 | | Systems is created. The Task Force shall consist of the |
| 11 | | following members: |
| 12 | | (1) 2 members appointed by the President of the |
| 13 | | Senate; |
| 14 | | (2) 2 members appointed by the Minority Leader of the |
| 15 | | Senate; |
| 16 | | (3) 2 members appointed by the Speaker of the House of |
| 17 | | Representatives; and |
| 18 | | (4) 2 members appointed by the Minority Leader of the |
| 19 | | House of Representatives. |
| 20 | | (b) The Task Force shall study and make recommendations |
| 21 | | for changes to public pension funds and retirement systems |
| 22 | | that can reduce the burden on taxpayers and ensure that |
| 23 | | members of public pension funds and retirement systems are |