90th General Assembly
Summary of SB1423
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Senate Sponsors:

Short description: 
PEN CD-SURS-SELF-MANAGED PLAN                                              

Synopsis of Bill as introduced:
        Amends the State Universities Article of the Pension Code.  Makes      
   numerous changes in relation to the implementation and  administration      
   of the optional retirement program (renamed the self-managed plan) and      
   the  portable benefit package.  Makes participants in the self-managed      
   plan eligible  for  certain  benefits  under  the  Retirement  Systems      
   Reciprocal Act.  Also specifies that required age 70 1/2 distributions      
   are  payable  regardless of whether an application has been filed, and      
   delays those required distributions  for  one  year  in  the  case  of      
   persons  turning  age  70 1/2  before  April  1  of  a  calendar year.      
   Provides that the System need  not  make  an  involuntary  age  70 1/2      
   distribution  to  a person who is employed under any retirement system      
   that participates in the Retirement Systems Reciprocal  Act.    Amends      
   the   State   Mandates   Act   to   require   implementation   without      
   reimbursement.  Effective immediately.                                      
Last action on Bill: SESSION SINE DIE

   Last action date: 99-01-12

           Location: Senate

 Amendments to Bill: AMENDMENTS ADOPTED: HOUSE -   0     SENATE -   0


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