HB3643 98TH GENERAL ASSEMBLY

LRB098 12477 JDS 46923 b

98TH GENERAL ASSEMBLY
State of Illinois
2013 and 2014
HB3643

Introduced , by Rep. David McSweeney

SYNOPSIS AS INTRODUCED:

25 ILCS 115/1.9 new

Amends the General Assembly Compensation Act. Provides for the suspension of the payment of salary and all other financial remuneration provided under the Act to members of the General Assembly for legislative service until such time as the State Actuary files a written determination with the Index Division of the Office of the Secretary of State stating that a bill has been enacted that will reduce the unfunded accrued liabilities of the State-funded retirement systems, excluding the Judges Retirement System of Illinois, by an amount not less than the reduction in unfunded liabilities estimated by the Commission on Government Forecasting and Accountability to be achieved by Senate Bill No. 1 of the 98th General Assembly, as amended by House Committee Amendment No. 1 and House Floor Amendment No. 3. Effective July 1, 2013.

FISCAL NOTE ACT MAY APPLY

A BILL FOR

AN ACT concerning government.

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

Section 5. The General Assembly Compensation Act is amended by adding Section 1.9 as follows:

(25 ILCS 115/1.9 new)

Sec. 1.9. Payment of salary and financial remuneration suspended for General Assembly members until meaningful pension reform is achieved.

(a) Notwithstanding any other provision of this Act, beginning on the effective date of this amendatory Act of the 98th General Assembly, the payment of salary and all other financial remuneration provided under this Act to members of the General Assembly for legislative service is suspended until such time as the State Actuary files a written determination with the Index Division of the Office of the Secretary of State, pursuant to subsection (c) of this Section, stating that a bill has been enacted that will reduce the unfunded accrued liabilities of the State-funded retirement systems, excluding the Judges Retirement System of Illinois, by an amount not less than the reduction in unfunded accrued liabilities estimated by the Commission on Government Forecasting and Accountability to be achieved by Senate Bill No. 1 of the 98th General Assembly, as amended by House Committee Amendment No. 1 and House Floor Amendment No. 3.

(b) The Commission on Government Forecasting and Accountability shall conduct any actuarial studies needed to estimate the reductions in unfunded accrued liabilities to be achieved by Senate Bill No. 1 of the 98th General Assembly, as amended by House Committee Amendment No. 1 and House Floor Amendment No. 3, and shall cooperate with the State Actuary to provide any information that he or she needs to make the determination required under subsection (c).

(c) As soon as practicable after the enactment of a bill that will reduce the unfunded accrued liabilities of the State-funded retirement systems, excluding the Judges Retirement System of Illinois, by an amount not less than the reduction in unfunded accrued liabilities projected by the Commission on Government Forecasting and Accountability to be achieved by Senate Bill No. 1 of the 98th General Assembly, as amended by House Committee Amendment No. 1 and House Floor Amendment No. 3, the State Actuary shall file a written determination to that effect with the Index Division of the Office of the Secretary of State.

(d) For the purposes of this Section:

"State-funded retirement systems" means the retirement systems established under Articles 2, 14, 15, 16, and 18 of the Illinois Pension Code.

"Unfunded accrued liability" has the meaning ascribed to that term in Section 1A-102 of the Illinois Pension Code.

Section 99. Effective date. This Act takes effect on July 1, 2013.