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 Bill Status of HB2903  100th General Assembly


Short Description:  PEN CD-PENSION BUYOUT OPTION

House Sponsors
Rep. Mike Fortner

Hearings
Personnel & Pensions Committee Hearing Mar 30 2017 10:00AM Capitol Building Room 122B Springfield, IL - House Committee Amendment 1


Last Action
DateChamber Action
  2/22/2017HouseAssigned to Personnel & Pensions Committee

Statutes Amended In Order of Appearance
New Act
5 ILCS 375/3from Ch. 127, par. 523
5 ILCS 375/10from Ch. 127, par. 530
20 ILCS 405/405-298 new
20 ILCS 3501/801-40
30 ILCS 500/45-32 new
40 ILCS 5/15-108.1
40 ILCS 5/15-108.2
40 ILCS 5/15-108.3 new
40 ILCS 5/15-185from Ch. 108 1/2, par. 15-185
40 ILCS 5/15-185.5 new
40 ILCS 5/15-198
40 ILCS 5/15-200.5 new
40 ILCS 5/16-106.40 new
40 ILCS 5/16-106.41 new
40 ILCS 5/16-106.42 new
40 ILCS 5/16-106.43 new
40 ILCS 5/16-190from Ch. 108 1/2, par. 16-190
40 ILCS 5/16-190.5 new
40 ILCS 5/16-203
40 ILCS 5/16-205.5 new
40 ILCS 5/16-205.6 new
40 ILCS 5/20-121from Ch. 108 1/2, par. 20-121
40 ILCS 5/20-123from Ch. 108 1/2, par. 20-123
40 ILCS 5/20-124from Ch. 108 1/2, par. 20-124
40 ILCS 5/20-125from Ch. 108 1/2, par. 20-125
30 ILCS 805/8.41 new


Synopsis As Introduced
Creates the Pension Buyout Act. Authorizes the Department of Central Management Services to enter into contracts with approved vendors to provide pension buyout payments to eligible persons in the State Universities and Downstate Teachers Articles. Requires the Illinois Finance Authority to issue bonds if the amount appropriated to implement the pension buyout option is less than the amount necessary for the Department to pay the approved vendor the amount required under a contract between the Department and the approved vendor for any fiscal year. Amends the State Universities and Downstate Teachers Articles of the Illinois Pension Code. Provides that an eligible person may relinquish his or her right to receive any benefits from the System in exchange for a lump sum payment made by an approved vendor that is equal to the present value of the retirement annuity. Contains provisions concerning the form of the contract; rulemaking; notice to the system; certification to the Department of the amount of lump sum payments made; and qualified plan status. Establishes optional defined contribution plans. Provides that a person who participates in the pension buyout option or the defined contribution plan shall be entitled to any benefits under the State Employees Group Insurance Act of 1971 that he or she would have otherwise been entitled to. Amends the State Employees Group Insurance Act of 1971, the Department of Central Management Services Law of the Civil Administrative Code of Illinois, the Illinois Procurement Code, and the Illinois Finance Authority Act to make related changes. Amends the State Mandates Act to require implementation without reimbursement. Effective immediately.

Actions 
DateChamber Action
  2/9/2017HouseFiled with the Clerk by Rep. Mike Fortner
  2/9/2017HouseFirst Reading
  2/9/2017HouseReferred to Rules Committee
  2/22/2017HouseAssigned to Personnel & Pensions Committee
  3/15/2017HouseHouse Committee Amendment No. 1 Filed with Clerk by Rep. Mike Fortner
  3/15/2017HouseHouse Committee Amendment No. 1 Referred to Rules Committee
  3/21/2017HouseHouse Committee Amendment No. 1 Rules Refers to Personnel & Pensions Committee

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