97TH GENERAL ASSEMBLY
State of Illinois
2011 and 2012
HB2941

 

Introduced 2/23/2011, by Rep. Roger L. Eddy

 

SYNOPSIS AS INTRODUCED:
 
40 ILCS 5/16-101  from Ch. 108 1/2, par. 16-101

    Amends the Downstate Teachers Article of the Illinois Pension Code. States that the Teachers' Retirement System of the State of Illinois is a governmental plan. Provides that there may be no revision of trust funds or a return of employer contributions, unless permitted by statute. Specifies that a participant's rights to his normal retirement benefit is nonforfeitable on his attainment of retirement.


LRB097 09614 JDS 49751 b

FISCAL NOTE ACT MAY APPLY
PENSION IMPACT NOTE ACT MAY APPLY

 

 

A BILL FOR

 

HB2941LRB097 09614 JDS 49751 b

1    AN ACT concerning public employee benefits.
 
2    Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
 
4    Section 5. The Illinois Pension Code is amended by changing
5Section 16-101 as follows:
 
6    (40 ILCS 5/16-101)  (from Ch. 108 1/2, par. 16-101)
7    Sec. 16-101. Creation of system.
8    (a) Effective July 1, 1939, there is created the "Teachers'
9Retirement System of the State of Illinois" for the purpose of
10providing retirement annuities and other benefits for
11teachers, annuitants and beneficiaries. All of its business
12shall be transacted, its funds invested, and its assets held in
13such name.
14    (b) This is a governmental plan under Section 414(d) of the
15Internal Revenue Code of the United States. This plan is
16intended to satisfy Section 401(a) of that Section by meeting
17the requirements of Section 414(d) of that Section. There may
18be no revision of trust funds or a return of employer
19contributions, except those permitted by statute. A
20participant's rights to his normal retirement benefit are
21nonforfeitable on his attainment of retirement.
22(Source: P.A. 83-1440.)