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 Bill Status of HB3867  100th General Assembly


Short Description:  PENCD-DEFINED CONTRIBUTION PLN

House Sponsors
Rep. Thomas Morrison

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


Last Action
DateChamber Action
  3/1/2017HouseAssigned to Personnel & Pensions Committee

Statutes Amended In Order of Appearance
40 ILCS 5/2-105.3 new
40 ILCS 5/2-165.5 new
40 ILCS 5/14-103.41 new
40 ILCS 5/14-103.42 new
40 ILCS 5/14-155.5 new
40 ILCS 5/15-200.5 new
40 ILCS 5/16-106.40 new
40 ILCS 5/16-106.41 new
40 ILCS 5/16-205.5 new
40 ILCS 5/18-110.1 new
40 ILCS 5/18-110.2 new
40 ILCS 5/18-121.5 new
40 ILCS 5/2-105.1 rep.
40 ILCS 5/14-103.40 rep.
40 ILCS 5/16-106.4 rep.


Synopsis As Introduced
Amends the General Assembly, State Employee, State Universities, Downstate Teachers, and Judges Articles of the Illinois Pension Code. Requires the Board of each System to establish and maintain a voluntary defined contribution plan to address the retirement preparedness gap for participants in a defined benefit plan who are not on track to maintain their standard of living in retirement. Provides that the contribution rate shall be established by the Board. Provides that the plan shall exist and serve in addition to other retirement, pension, and benefit plans established under the Code. Provides that any Tier 2 participant who first becomes a participant on or after establishment of the plan shall automatically be enrolled, unless he or she opts out within 60 days after first becoming a participant. Authorizes Tier 1 participants and Tier 2 participants who first became participants before the plan was established to enroll in the plan. Contains provisions concerning investment options, qualified plan status, and distribution requirements. Defines terms and repeals certain definitions added by Public Act 98-599, which has been held unconstitutional. Effective immediately.

Actions 
DateChamber Action
  2/10/2017HouseFiled with the Clerk by Rep. Thomas Morrison
  2/10/2017HouseFirst Reading
  2/10/2017HouseReferred to Rules Committee
  3/1/2017HouseAssigned to Personnel & Pensions Committee

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