Illinois General Assembly - Bill Status for HB3937

Synopsis As Introduced
Amends the Illinois Pension Code. Requires the Judges Retirement System of Illinois to automatically enroll its newly eligible employees in a self-managed program of retirement benefits instead of the program of retirement benefits currently offered and allows currently eligible employees to elect to participate in the self-managed program. Provides that a self-managed plan shall authorize a participating employee to accumulate assets for retirement through a combination of employer and employee contributions that may be invested at the employee's direction in mutual funds, collective investment funds, or other investment products and used to purchase annuity contracts. Provides that, to the extent that the changes made by the amendatory Act are determined to be a new benefit increase, the changes are exempt from the 5-year expiration provision. Effective immediately.

Actions

Date	Chamber	Action
2/26/2009	House	Filed with the Clerk by Rep. Kevin A. McCarthy
2/26/2009	House	First Reading
2/26/2009	House	Referred to Rules Committee
3/3/2009	House	Assigned to Personnel and Pensions Committee
3/13/2009	House	Rule 19(a) / Re-referred to Rules Committee
1/11/2011	House	Session Sine Die

×