Illinois General Assembly

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 Bill Status of HB1325  97th General Assembly


Short Description:  PEN CD-OPTIONAL RET PLAN

House Sponsors
Rep. Greg Harris

Last Action
DateChamber Action
  1/8/2013HouseSession Sine Die

Statutes Amended In Order of Appearance
40 ILCS 5/Art. 25 heading new
40 ILCS 5/25-101 new
40 ILCS 5/25-102 new
30 ILCS 805/8.35 new


Synopsis As Introduced
Amends the Illinois Pension Code. Authorizes each pension fund and retirement system to establish and administer an optional retirement plan. Sets forth requirements for the plans. Authorizes each employer that is subject to the Code to make an irrevocable election to participate in the plan. Requires each fund to solicit proposals to provide administrative services and funding vehicles for the plan. Requires those proposals to be assessed using specified criteria. Authorizes employees to direct the investment of their plan balances. Indemnifies fund fiduciaries. Also contains provisions concerning: participation in the plan; establishment of an initial account balance; duplication of service credit; required contributions; termination; vesting; withdrawal; return to service; benefit amounts; and the making of plan elections. Amends the State Mandates Act to require implementation without reimbursement.

Actions 
DateChamber Action
  2/9/2011HouseFiled with the Clerk by Rep. Greg Harris
  2/9/2011HouseFirst Reading
  2/9/2011HouseReferred to Rules Committee
  2/14/2011HouseAssigned to Personnel and Pensions Committee
  3/15/2011HouseHouse Committee Amendment No. 1 Filed with Clerk by Rep. Greg Harris
  3/15/2011HouseHouse Committee Amendment No. 1 Referred to Rules Committee
  3/17/2011HouseHouse Committee Amendment No. 1 Tabled Pursuant to Rule 40
  3/17/2011HouseRule 19(a) / Re-referred to Rules Committee
  1/8/2013HouseSession Sine Die

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