Illinois General Assembly - Bill Status for HB2540
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 Bill Status of HB2540  104th General Assembly

Short Description:  PEN CD-VARIOUS

House Sponsors
Rep. Stephanie A. Kifowit

Hearings
Appropriations-Pensions & Personnel Hearing Mar 19 2025 8:00AM Capitol Building 115 and Virtual Room 4 Springfield, IL


Last Action
DateChamber Action
  3/4/2025HouseAssigned to Appropriations-Pensions & Personnel

Statutes Amended In Order of Appearance
5 ILCS 100/5-45.65 new
30 ILCS 122/20
30 ILCS 805/8.49 new
40 ILCS 5/1-160
40 ILCS 5/1-168 new
40 ILCS 5/2-108.1from Ch. 108 1/2, par. 2-108.1
40 ILCS 5/2-119from Ch. 108 1/2, par. 2-119
40 ILCS 5/2-124from Ch. 108 1/2, par. 2-124
40 ILCS 5/2-154.5 new
40 ILCS 5/2-154.6 new
40 ILCS 5/2-162
40 ILCS 5/3-111from Ch. 108 1/2, par. 3-111
40 ILCS 5/3-111.1from Ch. 108 1/2, par. 3-111.1
40 ILCS 5/3-144.3 new
40 ILCS 5/4-109from Ch. 108 1/2, par. 4-109
40 ILCS 5/4-109.1from Ch. 108 1/2, par. 4-109.1
40 ILCS 5/4-138.15 new
40 ILCS 5/5-167.1from Ch. 108 1/2, par. 5-167.1
40 ILCS 5/5-238
40 ILCS 5/5-240 new
40 ILCS 5/6-164from Ch. 108 1/2, par. 6-164
40 ILCS 5/6-229
40 ILCS 5/6-232 new
40 ILCS 5/7-114from Ch. 108 1/2, par. 7-114
40 ILCS 5/7-116from Ch. 108 1/2, par. 7-116
40 ILCS 5/7-142from Ch. 108 1/2, par. 7-142
40 ILCS 5/7-142.1from Ch. 108 1/2, par. 7-142.1
40 ILCS 5/14-110from Ch. 108 1/2, par. 14-110
40 ILCS 5/14-131
40 ILCS 5/14-152.1
40 ILCS 5/15-111from Ch. 108 1/2, par. 15-111
40 ILCS 5/15-112from Ch. 108 1/2, par. 15-112
40 ILCS 5/15-135from Ch. 108 1/2, par. 15-135
40 ILCS 5/15-136from Ch. 108 1/2, par. 15-136
40 ILCS 5/15-155from Ch. 108 1/2, par. 15-155
40 ILCS 5/15-198
40 ILCS 5/16-158from Ch. 108 1/2, par. 16-158
40 ILCS 5/16-203
40 ILCS 5/17-156.10 new
40 ILCS 5/17-156.11 new
40 ILCS 5/18-124from Ch. 108 1/2, par. 18-124
40 ILCS 5/18-125from Ch. 108 1/2, par. 18-125
40 ILCS 5/18-131from Ch. 108 1/2, par. 18-131
40 ILCS 5/18-161.5 new
40 ILCS 5/18-161.6 new
40 ILCS 5/18-169
40 ILCS 5/24-104.1from Ch. 108 1/2, par. 24-104.1
40 ILCS 5/1-103.3 rep.


Synopsis As Introduced
Amends the Budget Stabilization Act. Provides a transfer of specified amounts from the General Revenue Fund to the Pension Stabilization Fund for fiscal years 2031 through 2041. Amends the Illinois Pension Code. With regard to each of the 5 State-funded retirement systems, provides that for State fiscal years 2027 through 2035, the minimum contribution to the System to be made by the State for each State fiscal year shall be an amount determined by the System to be sufficient to bring the total assets of the System up to 100% of the total actuarial liabilities of the System by the end of State fiscal year 2049. Makes conforming and other changes to the funding formulas. Provides that any person who earned service as a Tier 1 member or participant in any retirement system or pension fund established under this Code shall continue to earn service as a Tier 1 member and shall remain a Tier 1 member in any other retirement system or pension fund. Makes changes to the Tier 2 calculation of final average salary; the Tier 2 retirement age; and the amount of the automatic annual increases to Tier 2 annuities. Provides that, for a person who has reached the maximum percentage of salary allowed under the applicable system and who is within 5 years of the normal retirement age applicable for that member or participant, the reduction under provisions that reduce the retirement annuity due to age shall be 0%. Makes other changes. Amends the State Mandates Act to require implementation without reimbursement. Provides that the Act takes effect January 1, 2028, except that certain provisions take effect upon becoming law.

Actions 
DateChamber Action
  2/4/2025HouseFiled with the Clerk by Rep. Stephanie A. Kifowit
  2/4/2025HouseFirst Reading
  2/4/2025HouseReferred to Rules Committee
  3/4/2025HouseAssigned to Appropriations-Pensions & Personnel

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