Illinois General Assembly - Bill Status for SB3555
Illinois General Assembly

Previous General Assemblies

 Bill Status of SB3555  9th General Assembly


Senate Sponsors
Sen. Jim Oberweis

Last Action
DateChamber Action
  1/13/2015SenateSession Sine Die

Statutes Amended In Order of Appearance
40 ILCS 5/1-161 new
40 ILCS 5/2-124from Ch. 108 1/2, par. 2-124
40 ILCS 5/14-131
40 ILCS 5/15-155from Ch. 108 1/2, par. 15-155
40 ILCS 5/16-158from Ch. 108 1/2, par. 16-158
40 ILCS 5/18-131from Ch. 108 1/2, par. 18-131
30 ILCS 805/8.38 new

Synopsis As Introduced
Amends the Illinois Pension Code. Shifts the required State contributions under the State Universities and Downstate Teacher retirement systems to the actual employers, beginning in State fiscal year 2016. With respect to the 5 State-funded retirement systems: Provides a new funding formula for State and employer contributions, with a 100% funding goal through 2045 (determined using the projected unit credit actuarial cost method) and a 90% funding goal 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. Amends the State Mandates Act to require implementation without reimbursement. Includes a nonacceleration provision.

DateChamber Action
  2/14/2014SenateFiled with Secretary by Sen. Jim Oberweis
  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

Back To Top