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Bill Status of HB2228 95th General Assembly
Short Description: PENCD-REFORM BENEFITS
House Sponsors Rep. Dwight Kay
Last Action
Date | Chamber | Action | 12/3/2014 | House | Session Sine Die |
Statutes Amended In Order of Appearance
Synopsis As Introduced Amends the General Provisions, General Assembly, Illinois Municipal Retirement Fund (IMRF), State Employee, State Universities, Downstate Teacher, and Judges Articles of the Illinois Pension Code. In the General Assembly, State Employee, State Universities, and Downstate Teacher Articles: (i) suspends the payment of automatic annual increases to Tier I retirees; (ii) changes the conditions of eligibility for, and the amount of, automatic annual increases for Tier I retirees; (iii) increases required employee contributions for Tier I participants; (iv) limits pensionable salary for Tier I participants; (v) changes the required State contribution so that each system is 100% funded by 2043; and (vi) guarantees certain funding levels. 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". 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. Amends the State Mandates Act to require implementation without reimbursement. Amends the Budget Stabilization Act. Provides for the transfer of certain amounts from the General Revenue Fund to the Pension Stabilization Fund. Makes other changes. Effective immediately.
| Pension Note (Government Forecasting & Accountability) | | HB 2228 is word-for-word identical to the 97th GA’s SB 1673 (H-AM 10). Although SB 1673 (H-AM 9) (97th GA) had a full cost study, SB 1673 (H-AM 10) (97th GA) differs from House Amendment 9 in the following ways: (1) Removal of the proposed Cash-Balance Plan; (2) Removal of the proposed Cost-Shift to school districts and universities; (3) Removal of the proposed Retirement Age Increase; (4) Extension of the COLA freeze. H-AM 9: Sooner of 5 years or age 67; H-AM 10: Later of January 1, 2020 or age 67; (5) SURS’ SMP remains open to new members. Due to the aforementioned changes, the actuarial data reflected in the Commission’s impact note for HB 2228 will have to be revised. An updated impact note will be issued when a revised study becomes available from the retirement systems’ actuaries. |
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