093_HB3014

 
                                     LRB093 09065 EFG 09297 b

 1        AN ACT in relation to 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
 5    adding Section 22-1010 as follows:

 6        (40 ILCS 5/22-1010 new)
 7        Sec. 22-1010.  Advisory Committee on DROP plans.
 8        (a)  There is hereby created  an  Advisory  Committee  on
 9    DROP  Plans.    The  Advisory  Committee  shall consist of 17
10    persons as follows:
11             (1)  Two persons appointed by the President  of  the
12        Illinois Senate.
13             (2)  Two  persons  appointed  by the Senate Minority
14        Leader.
15             (3)  Two persons appointed by  the  Speaker  of  the
16        Illinois House of Representatives.
17             (4)  Two  persons  appointed  by  the House Minority
18        Leader.
19             (5)  The  Executive  Secretary  of  the  Article  14
20        retirement system, or his or her designee.
21             (6)  The  Executive  Director  of  the  Article   15
22        retirement system, or his or her designee.
23             (7)  The   Executive  Director  of  the  Article  16
24        retirement system, or his or her designee.
25             (8)  The Executive Director of the Illinois  Pension
26        Laws Commission, or his or her designee.
27             (9)  Four  persons  appointed  by  the Governor, one
28        each representing (i) the Illinois Education  Association
29        (IEA),  (ii)  the  Illinois Federation of Teachers (IFT),
30        (iii) the  American  Federation  of  State,  County,  and
31        Municipal Employees (AFSCME), and (iv) the Public Pension
 
                            -2-      LRB093 09065 EFG 09297 b
 1        Division of the Department of Insurance.
 2             (10)  One  person  appointed  by  the  Governor, who
 3        shall be the chairperson of the Advisory Committee.
 4        Members of the Advisory  Committee  shall  serve  without
 5    compensation,  but  may  be  reimbursed  for  their necessary
 6    expenses out of any funds available for that purpose.
 7        (b)  The  Advisory   Committee   shall   study   Deferred
 8    Retirement   Option   Programs  (DROP  plans);  consider  the
 9    advantages, costs, and  consequences  of  making  such  plans
10    available  under  the State-supported retirement systems; and
11    report its findings, conclusions, and recommendations to  the
12    Governor and the General Assembly by January 15, 2005.
13        (c)  The  Public  Pension  Division  of the Department of
14    Insurance shall  provide  the  Advisory  Committee  with  any
15    clerical or technical support it may require.
16        (d)  Upon   the   filing  of  its  report,  the  Advisory
17    Committee is abolished.

18        Section 99. Effective date.  This Act takes  effect  upon
19    becoming law.