Bill Status of HB 429   99th General Assembly

Short Description:  PEN CD-EMPLOYER CONTRIBUTIONS

House Sponsors
Rep. Thomas Morrison

Last Action  View All Actions

DateChamber Action
  1/10/2017HouseSession Sine Die

Statutes Amended In Order of Appearance
40 ILCS 5/15-125.5 new
40 ILCS 5/15-155from Ch. 108 1/2, par. 15-155
40 ILCS 5/16-119 new
40 ILCS 5/16-158from Ch. 108 1/2, par. 16-158
30 ILCS 805/8.39 new

Synopsis As Introduced
Amends the State Universities and Downstate Teacher Articles of the Illinois Pension Code. Provides that, for academic years beginning on or after July 1, 2015, if the amount of a participant's earnings for any academic year used to determine the final rate of earnings, determined on a full-time equivalent basis, exceeds the amount of his or her earnings with the same employer for the previous academic year, determined on a full-time equivalent basis, by more than the unadjusted percentage increase in the consumer price index-u for that year (rather than 6%), then the participant's employer shall pay to the applicable System, in addition to all other payments required and in accordance with guidelines established by that System, the present value of the increase in benefits resulting from the portion of the increase in earnings that is in excess of the unadjusted percentage increase in the consumer price index-u for that year (rather than the present value of the increase in benefits resulting from the portion of the increase in earnings that is in excess of 6%). Defines "consumer price index-u". Amends the State Mandates Act to require implementation without reimbursement. Effective immediately.

Actions 
DateChamber Action
  1/28/2015HouseFiled with the Clerk by Rep. Thomas Morrison
  1/30/2015HouseFirst Reading
  1/30/2015HouseReferred to Rules Committee
  1/10/2017HouseSession Sine Die

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