HB4476 98TH GENERAL ASSEMBLY

LRB098 15763 RPS 50795 b

98TH GENERAL ASSEMBLY
State of Illinois
2013 and 2014
HB4476

Introduced , by Rep. Jeanne M Ives

SYNOPSIS AS INTRODUCED:

40 ILCS 5/2-166
40 ILCS 5/14-156
40 ILCS 5/15-201
40 ILCS 5/16-206

Amends the General Assembly, State Employee, State Universities, and the Downstate Teacher Articles of the Illinois Pension Code. Provides that if the defined contribution plan becomes inoperative pursuant to law (currently, being terminated or becoming inoperative pursuant to law), then each participant will be automatically deemed to be a contributing Tier 1 participant and the System shall be entitled to recover the amounts in the participant's defined contribution accounts.

FISCAL NOTE ACT MAY APPLY

PENSION IMPACT NOTE ACT MAY APPLY

A BILL FOR

AN ACT concerning pensions.

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 Sections 2-166, 14-156, 15-201, and 16-206 as follows:

(40 ILCS 5/2-166)

(This Section may contain text from a Public Act with a delayed effective date)

Sec. 2-166. Defined contribution plan; inoperative plan termination. If the defined contribution plan is terminated or becomes inoperative pursuant to law, then each participant in the plan shall automatically be deemed to have been a contributing Tier 1 participant in the System's defined benefit plan during the time in which he or she participated in the defined contribution plan, and for that purpose the System shall be entitled to recover the amounts in the participant's defined contribution accounts.

(Source: P.A. 98-599, eff. 6-1-14.)

(40 ILCS 5/14-156)

(This Section may contain text from a Public Act with a delayed effective date)

Sec. 14-156. Defined contribution plan; inoperative plan termination. If the defined contribution plan is terminated or becomes inoperative pursuant to law, then each participant in the plan shall automatically be deemed to have been a contributing Tier 1 member in the System's defined benefit plan during the time in which he or she participated in the defined contribution plan, and for that purpose the System shall be entitled to recover the amounts in the participant's defined contribution accounts.

(Source: P.A. 98-599, eff. 6-1-14.)

(40 ILCS 5/15-201)

(This Section may contain text from a Public Act with a delayed effective date)

Sec. 15-201. Defined contribution plan; inoperative plan termination. If the defined contribution plan is terminated or becomes inoperative pursuant to law, then each participant in the plan shall automatically be deemed to have been a contributing Tier 1 member participating in the System's defined benefit plan during the time in which he or she participated in the defined contribution plan, and for that purpose the System shall be entitled to recover the amounts in the participant's defined contribution accounts.

(Source: P.A. 98-599, eff. 6-1-14.)

(40 ILCS 5/16-206)

(This Section may contain text from a Public Act with a delayed effective date)

Sec. 16-206. Defined contribution plan; inoperative plan termination. If the defined contribution plan is terminated or becomes inoperative pursuant to law, then each participant in the plan shall automatically be deemed to have been a contributing Tier 1 member in the System's defined benefit plan during the time in which he or she participated in the defined contribution plan, and for that purpose the System shall be entitled to recover the amounts in the participant's defined contribution accounts.

(Source: P.A. 98-599, eff. 6-1-14.)