Illinois General Assembly - Bill Status for HB3969

Amends the General Provisions and General Assembly Articles of the Illinois Pension Code. In the General Provisions Article, provides that, if a participant's final average salary in a participating system under the Retirement Systems Reciprocal Act, other than the General Assembly Retirement System, is used to calculate a proportional retirement annuity for that participant under the General Assembly Retirement System and if that final average salary is higher than the highest salary for annuity purposes of that person under the General Assembly Retirement System, then the increased cost of the proportional annuity paid by the General Assembly Retirement System that is attributable to that higher level of compensation shall be paid by the employer of the participant under that system and not by the General Assembly Retirement System. In the General Assembly Article, provides that certain limitations on highest salary for annuity purposes apply to the earnings of a person who first became a member of the General Assembly Retirement System before August 22, 1994 if, on or after the effective date of the amendatory Act, that member irrevocably elects to have those limitations apply. Effective immediately.

Changes the payment responsibility from the reciprocal employer to the reciprocal system. Provides for payment in the form of a lump sum payment determined by the General Assembly Retirement System in accordance with its annuity tables and other actuarial assumptions.

Changes the payment responsibility from the reciprocal system to the employer of the participant under the reciprocal system. Provides that if the employer fails to pay the amount required to the General Assembly Retirement System for more than 90 days after the payment is due, the System, after giving notice to the employer, may certify to the State Comptroller the amount of the delinquent payment and the Comptroller shall deduct the amount so certified or any part thereof from any payment of State funds to the employer and shall pay the amount so deducted to the System. If State funds from which such deductions may be made are not available, then the System may proceed against the employer to recover the amount of the delinquent payment in the appropriate circuit court.

Provides that the payment condition is triggered only if the participant also retires after the effective date of the amendatory Act with less than 2 years of service credit that has accrued in the participating system since his or her last day of active participation in the General Assembly retirement System.

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