Illinois House Bill 4098

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Spectrum: Slight Partisan Bill (Democrat 2-1)
Status: Introduced on May 18 2023 - 25% progression
Action: 2024-04-05 - Rule 19(a) / Re-referred to Rules Committee
Pending: House Rules Committee
Text: Latest bill text (Introduced) [HTML]

Amends the Illinois Pension Code. Makes changes to Tier 2 benefits for members or participants under the 5 State-funded retirement systems and the Chicago Teachers Pension Fund, including changes to automatic annual increases, age and service requirements for retirement, and limits on the amount of salary for annuity purposes. Establishes an accelerated pension benefit payment option for the General Assembly and Judges Articles of the Code. Makes changes to the funding formula beginning in fiscal year 2025 for the 5 State-funded retirement systems. In the 5 State-funded retirement systems, provides for a deferred retirement option plan for certain participants under which a participant may continue in active service for up to 3 years while having his or her retirement pension paid into a special account, to be distributed to the participant upon retirement. Provides that any benefit increase that results from this Act is excluded from the definition of "new benefit increase". Amends the General Obligation Bond Act. Provides that each fiscal year after certain State pension funding bonds and income tax proceed bonds are retired, the State Treasurer and the State Comptroller shall transfer $500,000,000 from the General Revenue Fund to the Pension Unfunded Liability Reduction Fund each fiscal year, which shall be used for making additional contributions to the pension funds and retirement systems established under the General Assembly, State Employee, State Universities, Downstate Teacher, Chicago Teacher, and Judges Articles of the Illinois Pension Code. Amends the State Finance Act to make conforming changes. Repeals provisions concerning optional benefits for certain Tier 2 members. Amends the State Mandates Act to require implementation without reimbursement by the State. Effective immediately.

PENSIONS-VARIOUS

Rep. Stephanie Kifowit [D]

Rep. Steven Reick [R]

Sen. Mark Walker [D]

Date	Chamber	Action
2024-04-05	House	Rule 19(a) / Re-referred to Rules Committee
2024-01-31	House	Assigned to Personnel & Pensions Committee
2023-07-24	House	Pension Note Requested by Rep. Stephanie A. Kifowit
2023-05-18	House	Referred to Rules Committee
2023-05-18	House	First Reading
2023-05-18	House	Added Chief Co-Sponsor Rep. Mark L. Walker
2023-05-18	House	Added Chief Co-Sponsor Rep. Steven Reick
2023-05-18	House	Filed with the Clerk by Rep. Stephanie A. Kifowit

Chapter	Article	Section	Citation Type	Statute Text
30	105	8s	New Code	See Bill Text
30	330	7.2	Amended Code	Citation Text
30	330	7.6	Amended Code	Citation Text
30	805	8.47	New Code	See Bill Text
40	5	1-160	Amended Code	Citation Text
40	5	1-161	Repealed Code	Citation Text
40	5	1-162	Repealed Code	Citation Text
40	5	14-103.05	Amended Code	Citation Text
40	5	14-103.10	Amended Code	Citation Text
40	5	14-104	Amended Code	Citation Text
40	5	14-105.4	Amended Code	Citation Text
40	5	14-131	Amended Code	Citation Text
40	5	14-147.7	New Code	See Bill Text
40	5	14-152.1	Amended Code	Citation Text
40	5	15-108.2	Amended Code	Citation Text
40	5	15-111	Amended Code	Citation Text
40	5	15-135	Amended Code	Citation Text
40	5	15-155	Amended Code	Citation Text
40	5	15-155.2	Amended Code	Citation Text
40	5	15-185.7	New Code	See Bill Text
40	5	15-198	Amended Code	Citation Text
40	5	16-158	Amended Code	Citation Text
40	5	16-158.3	Amended Code	Citation Text
40	5	16-190.7	New Code	See Bill Text
40	5	16-203	Amended Code	Citation Text
40	5	18-101	Amended Code	Citation Text
40	5	18-108	Amended Code	Citation Text
40	5	18-109	Amended Code	Citation Text
40	5	18-110	Amended Code	Citation Text
40	5	18-125	Amended Code	Citation Text
40	5	18-125.1	Amended Code	Citation Text
40	5	18-128.01	Amended Code	Citation Text
40	5	18-131	Amended Code	Citation Text
40	5	18-161.5	New Code	See Bill Text
40	5	18-161.6	New Code	See Bill Text
40	5	18-161.7	New Code	See Bill Text
40	5	18-169	Amended Code	Citation Text
40	5	2-101	Amended Code	Citation Text
40	5	2-105	Amended Code	Citation Text
40	5	2-107	Amended Code	Citation Text
40	5	2-108.1	Amended Code	Citation Text
40	5	2-117	Amended Code	Citation Text
40	5	2-119.1	Amended Code	Citation Text
40	5	2-124	Amended Code	Citation Text
40	5	2-154.5	New Code	See Bill Text
40	5	2-154.6	New Code	See Bill Text
40	5	2-154.7	New Code	See Bill Text
40	5	2-162	Amended Code	Citation Text

Type	Source
Summary	https://www.ilga.gov/legislation/BillStatus.asp?DocNum=4098&GAID=17&DocTypeID=HB&SessionID=112&GA=103
Text	https://www.ilga.gov/legislation/103/HB/10300HB4098.htm