101ST GENERAL ASSEMBLY
State of Illinois
2019 and 2020
HB2849

 

Introduced , by Rep. Thomas Morrison

 

SYNOPSIS AS INTRODUCED:
 
40 ILCS 5/2-126.6 new
40 ILCS 5/18-133.5 new

    Amends the General Assembly and Judges Articles of the Illinois Pension Code. Provides that an administrative fee equal to 4.95% of the amount of the annuity payment shall be applied to every annuity payment made on or after the effective date of the amendatory Act. Provides that the amendatory Act applies without regard to whether the person receiving the annuity was in service on or after the effective date of the amendatory Act. Effective immediately.


LRB101 06761 RPS 51788 b

FISCAL NOTE ACT MAY APPLY
PENSION IMPACT NOTE ACT MAY APPLY

 

 

A BILL FOR

 

HB2849LRB101 06761 RPS 51788 b

1    AN ACT concerning public employee benefits.
 
2    Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
 
4    Section 5. The Illinois Pension Code is amended by adding
5Sections 2-126.6 and 18-133.5 as follows:
 
6    (40 ILCS 5/2-126.6 new)
7    Sec. 2-126.6. Administrative fee. Notwithstanding any
8other provision of this Article to the contrary, for every
9annuity payment made on or after the effective date of this
10amendatory Act of the 101st General Assembly, an administrative
11fee equal to 4.95% of the amount of the annuity payment shall
12be applied. Notwithstanding Section 1-103.1, this Section
13applies without regard to whether the person receiving the
14annuity was in service on or after the effective date of this
15amendatory Act of the 101st General Assembly.
 
16    (40 ILCS 5/18-133.5 new)
17    Sec. 18-133.5. Administrative fee. Notwithstanding any
18other provision of this Article to the contrary, for every
19annuity payment made on or after the effective date of this
20amendatory Act of the 101st General Assembly, an administrative
21fee equal to 4.95% of the amount of the annuity payment shall
22be applied. Notwithstanding Section 1-103.1, this Section

 

 

HB2849- 2 -LRB101 06761 RPS 51788 b

1applies without regard to whether the person receiving the
2annuity was in service on or after the effective date of this
3amendatory Act of the 101st General Assembly.
 
4    Section 99. Effective date. This Act takes effect upon
5becoming law.