Bill Status of SB2527 102nd General Assembly
Short Description: PENCD-STATE SYS-DC PLAN
Sen. Craig Wilcox
| 4/16/2021||Senate||Rule 3-9(a) / Re-referred to Assignments|
Statutes Amended In Order of Appearance
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.
|Date||Chamber|| Action|| 2/26/2021||Senate||Filed with Secretary by Sen. Craig Wilcox|| 2/26/2021||Senate||First Reading|| 2/26/2021||Senate||Referred to Assignments|| 3/23/2021||Senate||Assigned to Pensions|| 4/16/2021||Senate||Rule 3-9(a) / Re-referred to Assignments|