HB5837 98TH GENERAL ASSEMBLY

LRB098 17825 EFG 52949 b

98TH GENERAL ASSEMBLY
State of Illinois
2013 and 2014
HB5837

Introduced , by Rep. Darlene J. Senger

SYNOPSIS AS INTRODUCED:

40 ILCS 5/2-101

from Ch. 108 1/2, par. 2-101

Amends the General Assembly Article of the Illinois Pension Code. Restricts participation in the General Assembly Retirement System to persons who are receiving annuities from the System on January 1, 2015. Terminates participation by all other persons. Provides that annuities in payment status on January 1, 2015 shall continue to be paid by the System, along with any increases provided by law. Provides that no new or additional benefits may be granted or paid by the System on or after January 1, 2015, including any refund of contributions. Provides that no new transfers of credits into or out of the System shall be made on or after that date. Provides that these provisions control over any other law. Effective January 1, 2015.

FISCAL NOTE ACT MAY APPLY

PENSION IMPACT NOTE ACT MAY APPLY

A BILL FOR

AN ACT concerning public employee benefits.

Be it enacted by the People of the State of Illinois, represented in the General Assembly:

Section 5. The Illinois Pension Code is amended by changing Sections 2-101 and 2-105 as follows:

(40 ILCS 5/2-101) (from Ch. 108 1/2, par. 2-101)

Sec. 2-101. Creation and termination of system.

(a) A retirement system is created to provide retirement annuities, survivor's annuities and other benefits for certain members of the General Assembly, certain elected state officials, and their beneficiaries.

The system shall be known as the "General Assembly Retirement System". All its funds and property shall be a trust separate from all other entities, maintained for the purpose of securing payment of annuities and benefits under this Article.

(b) Notwithstanding any other provision of law, beginning January 1, 2015, participation in the retirement system created under this Article is restricted to persons who are receiving annuities from the System on that date. Participation by all other persons is terminated on that date, and no new participants may be accepted on or after that date.

(c) Notwithstanding any other provision of law, all annuities in payment status on January 1, 2015 shall continue to be paid by the System as provided in this Article, including any increases that may be provided for by law. No new or additional benefits may be granted or paid by the System on or after January 1, 2015, including without limitation any refund of contributions.

(d) Notwithstanding any other provision of law, no transfers of credits into or out of the System shall be made on or after January 1, 2015.

(e) In the event of a conflict between this Section and any other law or provision of this Code, this Section shall control.

(Source: P.A. 83-1440.)

Section 99. Effective date. This Act takes effect January 1, 2015.