Illinois General Assembly

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 Bill Status of SB2156  97th General Assembly


Short Description:  PEN CD-INCREASES-FUNDING REQD

Senate Sponsors
Sen. William E. Brady

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

Statutes Amended In Order of Appearance
40 ILCS 5/2-162
40 ILCS 5/14-152.1
40 ILCS 5/15-198
40 ILCS 5/16-203
40 ILCS 5/18-169


Synopsis As Introduced
Amends the General Assembly, State Employee, State Universities, Downstate Teachers, and Judges Articles of the Illinois Pension Code. Provides that, beginning on the effective date of the amendatory Act, every new benefit increase is contingent upon each affected pension or retirement system (i) having been at least 90% funded according to its most recent annual actuarial valuation and (ii) having received any required State contributions that have come due since the most recent annual actuarial valuation. Specifies that a new benefit increase that does not satisfy this additional requirement is null and void, unless the enactment of that new benefit increase is required to maintain qualified plan status.

Actions 
DateChamber Action
  2/10/2011SenateFiled with Secretary by Sen. William E. Brady
  2/10/2011SenateFirst Reading
  2/10/2011SenateReferred to Assignments
  3/2/2011SenateAssigned to Pensions and Investments
  3/10/2011SenateTo Pensions & Investments Subcommittee on Pension Reforms
  3/18/2011SenateRule 3-9(a) / Re-referred to Assignments
  1/8/2013SenateSession Sine Die

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