Bill Status of SB0001 97th General Assembly - 1st Special Session
Short Description: PEN CD-REFORM GARS
Sen. Don Harmon - Gary Forby - David Koehler - John M. Sullivan - Mike Jacobs and William R. Haine
| 8/17/2012||Senate||Referred to Assignments|
Statutes Amended In Order of Appearance
Synopsis As Introduced
Amends the General Assembly Article of the Illinois Pension Code. Provides that Tier I employees and Tier I retirees in the General Assembly Retirement System must make an irrevocable election either: (1) to accept changes in eligibility for, and the amount of, automatic annual increases in retirement annuity or (2) to avoid those changes. Provides that a person who elects the first choice may have any future increases in income included as pensionable salary and is entitled to certain healthcare benefits. Provides that a person who elects the second choice forgoes those benefits. Prohibits members who elect the second choice from being offered any future increase in income in a form that would constitute pensionable salary. Requires the System to provide information describing the consequences of making the election. Defines "future increase in income", "Tier I employee", and "Tier I retiree". Amends the State Finance Act. To the list of standardized items of appropriation, adds "State retirement contribution for annual normal cost" and "State retirement contribution for unfunded accrued liability". Defines those terms. Amends the Governor's Office of Management and Budget Act. Adds those terms to a list of classifications to be used in statements and estimates of expenditures submitted to the Office in connection with the preparation of a State budget. Effective immediately.