Illinois House Bill 4699

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Spectrum: Partisan Bill (Republican 1-0)
Status: Introduced on February 1 2024 - 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 General Assembly Article of the Illinois Pension Code. Requires the System to implement a Tier 3 plan by July 1, 2025 that aggregates State and employee contributions in individual participant accounts that are used for payouts after retirement. Provides that a person who becomes a participant of a System on or after July 1, 2025 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 Retirement Systems Reciprocal Act (Article 20 of the Illinois Pension Code) and the State Employees Group Insurance Act of 1971. Effective immediately.

PEN CD-GARS-TIER 3 PLAN

Rep. Tim Ozinga [R]

Date	Chamber	Action
2024-04-05	House	Rule 19(a) / Re-referred to Rules Committee
2024-03-05	House	Assigned to Personnel & Pensions Committee
2024-02-06	House	Referred to Rules Committee
2024-02-06	House	First Reading
2024-02-01	House	Filed with the Clerk by Rep. Tim Ozinga

Chapter	Article	Section	Citation Type	Statute Text
40	5	2-105.3	Amended Code	Citation 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=4699&GAID=17&DocTypeID=HB&SessionID=112&GA=103
Text	https://www.ilga.gov/legislation/103/HB/10300HB4699.htm