Illinois General Assembly - Full Text of HB2975
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Full Text of HB2975  102nd General Assembly

HB2975 102ND GENERAL ASSEMBLY

  
  

 


 
102ND GENERAL ASSEMBLY
State of Illinois
2021 and 2022
HB2975

 

Introduced 2/19/2021, by Rep. Thomas Morrison

 

SYNOPSIS AS INTRODUCED:
 
40 ILCS 5/2-126.6 new
40 ILCS 5/18-133.5 new

    Amends the General Assembly and Judges Articles of the Illinois Pension Code. Provides that an administrative fee equal to 4.95% of the amount of the annuity payment shall be applied to every annuity payment made on or after the effective date of the amendatory Act. Provides that the amendatory Act applies without regard to whether the person receiving the annuity was in service on or after the effective date of the amendatory Act. Effective immediately.


LRB102 14903 RPS 20257 b

FISCAL NOTE ACT MAY APPLY
PENSION IMPACT NOTE ACT MAY APPLY

 

 

A BILL FOR

 

HB2975LRB102 14903 RPS 20257 b

1    AN ACT concerning public employee benefits.
 
2    Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
 
4    Section 5. The Illinois Pension Code is amended by adding
5Sections 2-126.6 and 18-133.5 as follows:
 
6    (40 ILCS 5/2-126.6 new)
7    Sec. 2-126.6. Administrative fee. Notwithstanding any
8other provision of this Article to the contrary, for every
9annuity payment made on or after the effective date of this
10amendatory Act of the 102nd General Assembly, an
11administrative fee equal to 4.95% of the amount of the annuity
12payment shall be applied. Notwithstanding Section 1-103.1,
13this Section applies without regard to whether the person
14receiving the annuity was in service on or after the effective
15date of this amendatory Act of the 102nd General Assembly.
 
16    (40 ILCS 5/18-133.5 new)
17    Sec. 18-133.5. Administrative fee. Notwithstanding any
18other provision of this Article to the contrary, for every
19annuity payment made on or after the effective date of this
20amendatory Act of the 102nd General Assembly, an
21administrative fee equal to 4.95% of the amount of the annuity
22payment shall be applied. Notwithstanding Section 1-103.1,

 

 

HB2975- 2 -LRB102 14903 RPS 20257 b

1this Section applies without regard to whether the person
2receiving the annuity was in service on or after the effective
3date of this amendatory Act of the 102nd General Assembly.
 
4    Section 99. Effective date. This Act takes effect upon
5becoming law.