101ST GENERAL ASSEMBLY
State of Illinois
2019 and 2020
HB3919

 

Introduced 10/17/2019, by Rep. Allen Skillicorn

 

SYNOPSIS AS INTRODUCED:
 
40 ILCS 5/1-163 new

    Amends the General Provisions Article of the Illinois Pension Code. Provides that each retirement system under the General Assembly, State Employees, State Universities, Downstate Teachers, and Judges Article shall prepare and implement a Tier 3 plan that aggregates employee and State contributions in individual participant accounts that, after meeting any other requirements, are used for payouts after retirement in accordance with any applicable laws. Provides that beginning January 1, 2021, members or participants of those retirement systems, regardless of whether they became members or participants before January 1, 2021, shall participate in the Tier 3 plan in lieu of any other plan under those Articles. Effective immediately.


LRB101 14752 RPS 63709 b

FISCAL NOTE ACT MAY APPLY
PENSION IMPACT NOTE ACT MAY APPLY

 

 

A BILL FOR

 

HB3919LRB101 14752 RPS 63709 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
5Section 1-163 as follows:
 
6    (40 ILCS 5/1-163 new)
7    Sec. 1-163. Tier 3 plan for certain members or
8participants.
9    (a) By January 1, 2021, each retirement system under
10Article 2, 14, 15, 16, and 18 shall prepare and implement a
11Tier 3 plan that aggregates employee and State contributions in
12individual participant accounts that, after meeting any other
13requirements, are used for payouts after retirement in
14accordance with any applicable laws.
15    (b) Notwithstanding any other provision of law, including
16Sections 1-160 and 1-161, beginning January 1, 2021, a member
17or participant of a retirement system under Article 2, 14, 15,
1816, and 18, regardless of whether he or she became a member or
19participant before January 1, 2021, shall participate in the
20Tier 3 plan under this Section in lieu of any other plan under
21the applicable Article.
22    (c) On and after January 1, 2021, notwithstanding any other
23provision of law, no State contributions shall be made for any

 

 

HB3919- 2 -LRB101 14752 RPS 63709 b

1other plan under Article 2, 14, 15, 16, or 18.
 
2    Section 99. Effective date. This Act takes effect upon
3becoming law.