90th General Assembly
Summary of HB1296
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House Sponsors:

Senate Sponsors:

Short description: 
PEN CD-UNIV-OPTIONAL RET PROG                                              

Synopsis of Bill as introduced:
        Amends the State Universities Article  of  the  Pension  Code  to      
   provide  for  another  optional  retirement program.  Amends the State      
   Employees Group Insurance Act to make changes  in  definitions.   Also      
   makes  other  changes.   Amends  the  State  Pension  Funds Continuing      
   Appropriation Act to make a change in the continuing appropriation for      
   the State Universities Retirement System.  Effective immediately.           
          PENSION IMPACT NOTE                                                  
          HB 1296 would not have a negative impact on SERS and may have        
          a positive impact on the System's accrued liabilities.               
        HOUSE AMENDMENT NO. 1.                                                 
          Adds reference to:                                                   
          40 ILCS 5/15-141                from Ch. 108 1/2, par. 15-141        
          40 ILCS 5/15-142                from Ch. 108 1/2, par. 15-142        
        Changes the types of  contributions  that  are  characterized  as      
   "additional".  Changes the date upon which the period for electing the      
   alternative  refund  plan  is  based,  from the effective date of this      
   amendatory Act to the date upon which the  employer  first  offers  an      
   optional  program under Section 15-158.2.  Provides for the payment of      
   death benefits to survivors of persons who participate in the portable      
   benefit program.                                                            
          PENSION IMPACT NOTE                                                  
          No change from previous pension note.                                
          PENSION NOTE                                                         
          No change from previous pension note.                                
        SENATE AMENDMENT NO. 1.                                                
          Deletes reference to:                                                
          5 ILCS 375/3                                                         
          40 ILCS 5/15-107                                                     
          40 ILCS 5/15-134                                                     
          40 ILCS 5/15-136                                                     
          40 ILCS 5/15-136.4 new                                               
          40 ILCS 5/15-146                                                     
          40 ILCS 5/15-154                                                     
          40 ILCS 5/15-157                                                     
          40 ILCS 5/15-158.2                                                   
          40 ILCS 5/15-165                                                     
          40 ILCS 15/1.1                                                       
          Adds reference to:                                                   
          40 ILCS 5/1-101                                                      
        Replaces everything after the enacting clause with an amendment        
   to the Pension Code to make a technical change in the short title.          
        SENATE AMENDMENT NO. 2.                                                
          Adds reference to:                                                   
          5 ILCS 375/3                    from Ch. 127, par. 523               
          5 ILCS 375/10                   from Ch. 127, par. 530               
          40 ILCS 5/15-135.1 new                                               
          40 ILCS 5/16-163                from Ch. 108 1/2, par. 16-163        
          40 ILCS 5/16-165                from Ch. 108 1/2, par. 16-165        
        Deletes everything.  Amends the State Employees  Group  Insurance      
   Act   of   1971  and  the  Illinois  Pension  Code.    Allows  certain      
   participants in the State Universities Retirement Systems to elect  to      
   forgo certain changes in the retirement annuity formula made by Public      
   Act  90-65  and  thereby  avoid  the  additional  cost of group health      
   insurance  imposed  under  that  Public  Act.   Also  eliminates   the      
   additional   insurance   cost   for  certain  survivors.    Eliminates      
   provisions relating to "new  SURS  retired  employees".    Amends  the      
   Downstate Teacher Article of the Illinois Pension Code to add a second      
   elected  annuitant  to  the Board of Trustees.  Gives the Governor the      
   power to appoint the president of the Board  from  among  its  members      
   (currently  the State Superintendent of Education serves as president,      
   ex officio).  Effective immediately.                                        
Last action on Bill: THIRD READING - LOST                     028-010-016

   Last action date: 97-11-14

           Location: Senate

 Amendments to Bill: AMENDMENTS ADOPTED: HOUSE -   1     SENATE -   2


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