Bill Status of SB2284 100th General Assembly
Short Description: PEN CD-GARS SELF-DIRECTED PLAN
Sen. Chuck Weaver
| 1/10/2018||Senate||Referred to Assignments|
Statutes Amended In Order of Appearance
Synopsis As Introduced
Amends the General Assembly Article of the Illinois Pension Code. Requires the General Assembly Retirement System to establish a self-directed retirement plan. Provides that for persons who become a participant on or after the effective date of the amendatory Act, participation in the System shall be limited to participation in the self-directed retirement plan. Allows a Tier 1 or Tier 2 participant to make an irrevocable election to participate in the self-directed retirement plan instead of the defined benefit plan. Makes changes to the pensionable salary for active participants. Provides that upon a participant's first day of participation in the self-directed retirement plan, the participant becomes vested in his or her contributions to the self-directed retirement plan, the employer's contributions to the self-directed retirement plan, and the investment returns attributable to those contributions credited to his or her account. Provides that a member who has filed notice of an election not to participate may become a Tier 3 participant without making a specified required contribution by filing with the board a written rescission of the election not to participate if he or she elects to participate in the self-directed retirement plan. Provides that a member who files the written rescission without making the required contribution and only participates in the self-directed retirement plan may not receive credit for service as a member prior to the date of the rescission. Repeals a provision added by Public Act 98-599, which has been held unconstitutional, that defines "Tier 1 participant" and "Tier 2 participant".
|Date||Chamber|| Action|| 1/10/2018||Senate||Filed with Secretary by Sen. Chuck Weaver|| 1/10/2018||Senate||First Reading|| 1/10/2018||Senate||Referred to Assignments|