Bill Status of HB4065 100th General Assembly
Short Description: PEN CD-VARIOUS
Rep. Jim Durkin
Statutes Amended In Order of Appearance
Synopsis As Introduced
Amends the Illinois Pension Code. Restricts participation in the General Assembly Retirement System to persons who became participants before the effective date. Provides separate benefits for persons who, on or after 6 months after the effective date, first become participants or members under the State Universities or Downstate Teachers Article or a noncovered participant under the State Employees Article. Requires those retirement systems to establish a defined contribution plan for certain members. In the Chicago Municipal, Cook County, Cook County Forest Preserve, Chicago Laborers, Chicago Park District, and Chicago Teachers Articles, establishes similar benefits if the governing body of the unit of local government adopts those benefits by resolution or ordinance. In the State Employee, State Universities, and Downstate Teachers Articles, requires those Systems to offer certain inactive members the opportunity to elect to receive an accelerated pension benefit payment in lieu of receiving any pension benefit. In the 5 State-funded retirement systems and the Chicago Teachers Pension Fund, makes funding changes. In the State Universities and Downstate Teachers Articles, shifts certain costs to the local employer. In the Chicago Teachers Article, requires the State to contribute the employer normal cost of pension benefits for certain employees and provides a continuing appropriation from the Common School Fund for those contributions. Amends the Budget Stabilization Act. Provides for the transfer of certain amounts from the General Revenue Fund to the Pension Stabilization Fund. Makes other changes. Effective immediately.