Illinois General Assembly - Bill Status for HB5535
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 Bill Status of HB5535  98th General Assembly

Short Description:  PENS CD-GARS-FUNDING

House Sponsors
Rep. Ron Sandack - Thomas Morrison

Last Action
DateChamber Action
  12/3/2014HouseSession Sine Die

Statutes Amended In Order of Appearance
40 ILCS 5/2-124from Ch. 108 1/2, par. 2-124
40 ILCS 5/2-167 new

Synopsis As Introduced
Amends the General Assembly Article of the Illinois Pension Code. Requires the General Assembly Retirement System to establish a self-directed retirement plan. Provides that on and after the effective date of the amendatory Act, an active participant's participation in the System shall be limited to participation in the self-directed retirement plan. Provides that an annuitant shall not receive an automatic increase in retirement annuity on or after the effective date of the amendatory Act unless, according to the most recent actuarial valuations, the total assets of the System are equal to or greater than 100% of the total actuarial liabilities of the System. Establishes a schedule for vesting in the self-directed retirement plan. Requires the Public Pension Division's retirement age matrix to proportionally discount the increase in statutory retirement age based on proximity to the currently established retirement age. Provides a new funding formula for State contributions, with a 100% funding goal through 2045 (determined using the projected unit credit actuarial cost method) and a 100% funding goal thereafter. Contains a nonacceleration provision.

DateChamber Action
  2/13/2014HouseFiled with the Clerk by Rep. Ron Sandack
  2/13/2014HouseFirst Reading
  2/13/2014HouseReferred to Rules Committee
  3/3/2014HouseAdded Chief Co-Sponsor Rep. Thomas Morrison
  12/3/2014HouseSession Sine Die

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