97TH GENERAL ASSEMBLY
State of Illinois
2011 and 2012
HB2016

 

Introduced , by Rep. Dave Winters

 

SYNOPSIS AS INTRODUCED:
 
40 ILCS 5/2-163 new

    Amends the General Assembly Article of the Illinois Pension Code. Provides that active participants who first became participants in the fund before January 1, 2011 shall, for periods of service on and after the effective date of the amendatory Act, be eligible only for the benefits provided to participants who first became participants on or after January 1, 2011. Specifies that the retirement annuities of active participants who were participants in the fund before January 1, 2011 shall be calculated based on a weighted average of the benefits earned before and after the effective date of the amendatory Act.


LRB097 09231 JDS 49366 b

FISCAL NOTE ACT MAY APPLY
PENSION IMPACT NOTE ACT MAY APPLY

 

 

A BILL FOR

 

HB2016LRB097 09231 JDS 49366 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 2-163 as follows:
 
6    (40 ILCS 5/2-163 new)
7    Sec. 2-163. Blended pension benefit. Beginning on the
8effective date of this Section, active participants who first
9became participants in the fund before January 1, 2011 shall,
10for periods of service on and after the effective date of this
11Section, be eligible only for the benefits provided to
12participants who first became participants on or after January
131, 2011. However, the retirement annuities of active
14participants who were participants in the fund before January
151, 2011 shall be calculated based on a weighted average of the
16benefits earned before and after the effective date of this
17Section.