Illinois General Assembly - Bill Status for SB2337
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 Bill Status of SB2337  101st General Assembly


Short Description:  PENCD-LOCAL CONTRL OF BENEFITS

Senate Sponsors
Sen. Dan McConchie

Last Action
DateChamber Action
  1/13/2021SenateSession Sine Die

Statutes Amended In Order of Appearance
40 ILCS 5/7-101.5 new


Synopsis As Introduced
Amends the Illinois Municipal Retirement Fund (IMRF) Article of the Illinois Pension Code. Authorizes the governing body of a municipality or instrumentality to provide an alternative retirement plan in lieu of or in addition to the existing plan under the Article. Provides that the alternative retirement plan may include a defined-benefit component, a defined-contribution component, or both, and may include disability or survivor benefits and any other benefits that are permitted under federal law. Provides that the alternative retirement plan is not required to provide any minimum level of benefits and need not provide any benefits at all, other than mandatory Social Security coverage if applicable. Provides that service credit received under an alternative retirement plan may not be transferred to any other fund and may not be used under the Retirement Systems Reciprocal Act (Article 20 of the Code).

Actions 
DateChamber Action
  1/8/2020SenateFiled with Secretary by Sen. Dan McConchie
  1/8/2020SenateFirst Reading
  1/8/2020SenateReferred to Assignments
  1/13/2021SenateSession Sine Die

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