Illinois House Bill 2589

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Spectrum: Partisan Bill (Republican 1-0)
Status: Introduced on February 15 2023 - 25% progression
Action: 2023-02-15 - Referred to Rules Committee
Pending: House Rules Committee
Text: Latest bill text (Introduced) [HTML]

Amends the Illinois Pension Code. With respect to the 5 State-funded Retirement Systems: requires each System to implement a Tier 3 plan by July 1, 2024 that aggregates State and employee contributions in individual participant accounts which are used for payouts after retirement. Provides that a person who becomes a participant of a System on or after July 1, 2024 shall participate in the Tier 3 plan instead of the defined benefit plan. Authorizes a Tier 1 or Tier 2 participant to elect to participate in the Tier 3 plan instead of the defined benefit plan and to also elect to terminate all participation in the defined benefit plan and to have a specified amount credited to his or her account. Makes related changes in the State Employees Group Insurance Act of 1971. Effective immediately.

PEN CD-TIER 3 PLAN

Rep. Travis Weaver [R]

Date	Chamber	Action
2023-02-15	House	Referred to Rules Committee
2023-02-15	House	First Reading
2023-02-15	House	Filed with the Clerk by Rep. Travis Weaver

Chapter	Article	Section	Citation Type	Statute Text
40	5	1-160	Amended Code	Citation Text
40	5	1-161	Amended Code	Citation Text
40	5	14-103.41	Amended Code	Citation Text
40	5	14-103.44	New Code	See Bill Text
40	5	14-103.45	New Code	See Bill Text
40	5	14-152.1	Amended Code	Citation Text
40	5	14-155.5	New Code	See Bill Text
40	5	15-108.1	Amended Code	Citation Text
40	5	15-108.2	Amended Code	Citation Text
40	5	15-108.3	New Code	See Bill Text
40	5	15-198	Amended Code	Citation Text
40	5	15-200.5	New Code	See Bill Text
40	5	16-106.41	Amended Code	Citation Text
40	5	16-106.42	New Code	See Bill Text
40	5	16-106.43	New Code	See Bill Text
40	5	16-203	Amended Code	Citation Text
40	5	16-205.5	New Code	See Bill Text
40	5	18-110.1	New Code	See Bill Text
40	5	18-110.2	New Code	See Bill Text
40	5	18-110.3	New Code	See Bill Text
40	5	18-121.5	New Code	See Bill Text
40	5	18-124	Amended Code	Citation Text
40	5	18-125	Amended Code	Citation Text
40	5	18-125.1	Amended Code	Citation Text
40	5	18-127	Amended Code	Citation Text
40	5	18-128.01	Amended Code	Citation Text
40	5	18-133	Amended Code	Citation Text
40	5	18-169	Amended Code	Citation Text
40	5	2-105.3	New Code	See Bill Text
40	5	2-162	Amended Code	Citation Text
40	5	2-165.5	New Code	See Bill Text
40	5	20-121	Amended Code	Citation Text
40	5	20-123	Amended Code	Citation Text
40	5	20-124	Amended Code	Citation Text
40	5	20-125	Amended Code	Citation Text
5	375	10	Amended Code	Citation Text
5	375	3	Amended Code	Citation Text

Type	Source
Summary	https://www.ilga.gov/legislation/BillStatus.asp?DocNum=2589&GAID=17&DocTypeID=HB&SessionID=112&GA=103
Text	https://www.ilga.gov/legislation/103/HB/10300HB2589.htm