PENS CD-FUNDING GOAL Senate SponsorsSen. Kyle McCarter 1/13/2015SenateSession Sine Die 40 ILCS 5/1-161 new40 ILCS 5/2-124from Ch. 108 1/2, par. 2-12440 ILCS 5/14-13140 ILCS 5/15-155from Ch. 108 1/2, par. 15-15540 ILCS 5/16-158from Ch. 108 1/2, par. 16-15840 ILCS 5/18-131from Ch. 108 1/2, par. 18-131Amends the Illinois Pension Code. With respect to the 5 State-funded retirement systems: Provides a new funding formula for State contributions, with a funding goal of 100% for fiscal years 2016 through 2047 and 90% thereafter. Provides that no additional service credit may be accrued and no automatic increase in a retirement annuity shall be received. Provides that the pensionable salary of an active participant may not exceed that individual's pensionable salary as of the effective date. Provides that State-funded retirement systems shall establish self-directed retirement plans for all active participants and all employees hired on or after the effective date. Provides that all active participants shall have the option of participating in a self-directed retirement plan. Provides that these changes are controlling over any other law. In the Sections that were amended by Public Act 98-599, deletes the changes made by Public Act 98-599. 2/14/2014SenateFiled with Secretary by Sen. Kyle McCarter 2/14/2014SenateFirst Reading 2/14/2014SenateReferred to Assignments 3/5/2014SenateAssigned to Executive 3/6/2014SenateTo Subcommittee on Special Issues (EX) 3/21/2014SenatePostponed - Executive; Subcommittee on Special Issues 3/28/2014SenateRule 3-9(a) / Re-referred to Assignments 1/13/2015SenateSession Sine Die