Illinois General Assembly - Bill Status for SB2527
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 Bill Status of SB2527  102nd General Assembly


Short Description:  PENCD-STATE SYS-DC PLAN

Senate Sponsors
Sen. Craig Wilcox

Last Action
DateChamber Action
  4/16/2021SenateRule 3-9(a) / Re-referred to Assignments

Statutes Amended In Order of Appearance
5 ILCS 375/3from Ch. 127, par. 523
5 ILCS 375/10from Ch. 127, par. 530
40 ILCS 5/1-160
40 ILCS 5/1-161
40 ILCS 5/2-105.3 new
40 ILCS 5/2-162
40 ILCS 5/2-165.5 new
40 ILCS 5/14-103.41
40 ILCS 5/14-152.1
40 ILCS 5/14-155.5 new
40 ILCS 5/15-108.1
40 ILCS 5/15-108.2
40 ILCS 5/15-108.3 new
40 ILCS 5/15-198
40 ILCS 5/15-200.5 new
40 ILCS 5/16-106.41
40 ILCS 5/16-203
40 ILCS 5/16-205.5 new
40 ILCS 5/18-110.1 new
40 ILCS 5/18-121.5 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 5/18-125.1from Ch. 108 1/2, par. 18-125.1
40 ILCS 5/18-127from Ch. 108 1/2, par. 18-127
40 ILCS 5/18-128.01from Ch. 108 1/2, par. 18-128.01
40 ILCS 5/18-133from Ch. 108 1/2, par. 18-133
40 ILCS 5/18-169
40 ILCS 5/20-121from Ch. 108 1/2, par. 20-121
40 ILCS 5/20-123from Ch. 108 1/2, par. 20-123
40 ILCS 5/20-124from Ch. 108 1/2, par. 20-124
40 ILCS 5/20-125from Ch. 108 1/2, par. 20-125


Synopsis As Introduced
Amends the General Assembly, State Employees, State Universities, Downstate Teachers, and Judges Articles of the Illinois Pension Code. Requires each System to prepare and implement a defined contribution plan by July 1, 2023 that aggregates State and employee contributions in individual participant accounts that are used for payouts after retirement. Provides that a Tier 1 or Tier 2 participant may irrevocably elect to participate in the defined contribution plan instead of the defined benefit plan and may also elect to terminate all participation in the defined benefit plan and to have a specified amount credited to his or her account under the defined contribution plan. Makes related changes in the State Employees Group Insurance Act of 1971. Effective immediately.

Actions 
DateChamber Action
  2/26/2021SenateFiled with Secretary by Sen. Craig Wilcox
  2/26/2021SenateFirst Reading
  2/26/2021SenateReferred to Assignments
  3/23/2021SenateAssigned to Pensions
  4/16/2021SenateRule 3-9(a) / Re-referred to Assignments

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