HB2906 98TH GENERAL ASSEMBLY

LRB098 03994 JDS 34014 b

98TH GENERAL ASSEMBLY
State of Illinois
2013 and 2014
HB2906

Introduced , by Rep. Stephanie A Kifowit

SYNOPSIS AS INTRODUCED:

40 ILCS 5/2-101

from Ch. 108 1/2, par. 2-101

Amends the General Assembly Article of the Illinois Pension Code. Provides that participation in the General Assembly Retirement System is restricted to those individuals who first became participants before the effective date of the amendatory Act. Effective immediately.

FISCAL NOTE ACT MAY APPLY

PENSION IMPACT NOTE ACT MAY APPLY

A BILL FOR

AN ACT concerning public employee benefits.

Be it enacted by the People of the State of Illinois, represented in the General Assembly:

Section 5. The Illinois Pension Code is amended by changing Section 2-101 as follows:

(40 ILCS 5/2-101) (from Ch. 108 1/2, par. 2-101)

Sec. 2-101. Creation of system. A retirement system is created to provide retirement annuities, survivor's annuities and other benefits for certain members of the General Assembly, certain elected state officials, and their beneficiaries.

The system shall be known as the "General Assembly Retirement System". All its funds and property shall be a trust separate from all other entities, maintained for the purpose of securing payment of annuities and benefits under this Article.

Notwithstanding any other provision of this Article, participation in the retirement system created under this Article is restricted to those individuals who first became participants before the effective date of this amendatory Act of the 98th General Assembly.

(Source: P.A. 83-1440.)

Section 99. Effective date. This Act takes effect upon becoming law.