Bill Status of SB2156 97th General Assembly
Short Description: PEN CD-INCREASES-FUNDING REQD
Sen. William E. Brady
| 1/8/2013||Senate||Session Sine Die|
Statutes Amended In Order of Appearance
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.