Illinois House Bill 2902 (Prior Session Legislation)

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Completed Legislative Action
Spectrum: Partisan Bill (Republican 1-0)
Status: Failed on January 8 2019 - 100% progression
Action: 2019-01-08 - Session Sine Die
Text: Latest bill text (Introduced) [HTML]

Creates the Pension Buyout Act. Authorizes the Department of Central Management Services to enter into contracts with approved vendors to provide pension buyout payments to eligible retirees in the State Universities and Downstate Teachers Articles. Requires the Illinois Finance Authority to issue bonds if the amount appropriated to implement the pension buyout option is less than the amount necessary for the Department to pay the approved vendor the amount required under a contract between the Department and the approved vendor for any fiscal year. Amends the State Universities and Downstate Teachers Articles of the Illinois Pension Code. Provides that an eligible retiree may relinquish his or her right to receive any benefits from the System in exchange for a lump sum payment made by an approved vendor that is equal to the present value of the retirement annuity. Contains provisions concerning the form of the contract; rulemaking; notice to the system; certification to the Department of the amount of lump sum payments made; and qualified plan status. Establishes optional defined contribution plans. Provides that a person who participates in the pension buyout option or the defined contribution plan shall be entitled to any benefits under the State Employees Group Insurance Act of 1971 that he or she would have otherwise been entitled to. Amends the State Employees Group Insurance Act of 1971, the Department of Central Management Services Law of the Civil Administrative Code of Illinois, the Illinois Procurement Code, and the Illinois Finance Authority Act to make related changes. Amends the State Mandates Act to require implementation without reimbursement. Effective immediately.

PEN CD-PENSION BUYOUT OPTION

Rep. Mike Fortner [R]

Date	Chamber	Action
2019-01-08	House	Session Sine Die
2017-03-31	House	Rule 19(a) / Re-referred to Rules Committee
2017-02-22	House	Assigned to Personnel & Pensions Committee
2017-02-09	House	Referred to Rules Committee
2017-02-09	House	First Reading
2017-02-09	House	Filed with the Clerk by Rep. Mike Fortner

Chapter	Article	Section	Citation Type	Statute Text
20	3501	801-40	Amended Code	Citation Text
20	405	405-298	New Code	See Bill Text
30	500	45-32	New Code	See Bill Text
30	805	8.41	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	15-185	Amended Code	Citation Text
40	5	15-185.5	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	16-106.40	New Code	See Bill Text
40	5	16-106.41	New Code	See Bill Text
40	5	16-106.42	New Code	See Bill Text
40	5	16-106.43	New Code	See Bill Text
40	5	16-190	Amended Code	Citation Text
40	5	16-190.5	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	16-205.6	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=2902&GAID=14&DocTypeID=HB&SessionID=91&GA=100
Text	https://www.ilga.gov/legislation/100/HB/10000HB2902.htm