Bill Status of SB 662   100th General Assembly

Short Description:  PEN CD-PENSION BUYOUT OPTION

Senate Sponsors
Sen. Michael E. Hastings

Last Action  View All Actions

DateChamber Action
  1/9/2019SenateSession Sine Die

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 5/2-154from Ch. 108 1/2, par. 2-154
40 ILCS 5/2-154.5 new
40 ILCS 5/14-147from Ch. 108 1/2, par. 14-147
40 ILCS 5/14-147.5 new
40 ILCS 5/15-185from Ch. 108 1/2, par. 15-185
40 ILCS 5/15-185.5 new
40 ILCS 5/16-190from Ch. 108 1/2, par. 16-190
40 ILCS 5/16-190.5 new
40 ILCS 5/18-161from Ch. 108 1/2, par. 18-161
40 ILCS 5/18-161.5 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 retirees in the General Assembly, State Employee, State Universities, and Judges Retirement Systems. 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. Provides that the contract entered into by the Department shall be subject to the applicable requirements of the Illinois Procurement Code. Amends the General Assembly, State Employee, State Universities, and Judges Articles of the Illinois Pension Code. Provides that an eligible retiree 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. Provides that a person who participates in the pension buyout option 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. 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. 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. Effective July 1, 2018.

Actions 
DateChamber Action
  1/25/2017SenateFiled with Secretary by Sen. Michael E. Hastings
  1/25/2017SenateFirst Reading
  1/25/2017SenateReferred to Assignments
  2/8/2017SenateAssigned to Executive
  3/1/2017SenateTo Subcommittee on Pensions
  3/17/2017SenateRule 2-10 Committee Deadline Established As April 7, 2017
  4/7/2017SenateRule 2-10 Committee Deadline Established As May 5, 2017
  5/5/2017SenateRule 3-9(a) / Re-referred to Assignments
  1/9/2019SenateSession Sine Die

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