Illinois House Bill 5448

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Spectrum: Partisan Bill (Republican 1-0)
Status: Introduced on February 9 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 Illinois Pension Code. Provides that, beginning January 1, 2024, the annual earnings, salary, or wages (based on the plan year) of a Tier 2 member or participant under the General Assembly, State Employees, State Universities, Downstate Teachers, Chicago Teachers, or Judges Article shall not exceed 90.5% of the federal Social Security Wage Base then in effect or the amount otherwise calculated under the Tier 2 provisions, whichever is greater. Makes changes to the funding formula beginning in fiscal year 2025 for the 5 State-funded retirement systems. Restricts participation in the General Assembly Retirement System and Judges Retirement System to persons who first become participants before January 8, 2025. Provides for participation under the State Employees Article by members of the General Assembly and judges. Provides that any benefit increase that results from the amendatory Act is excluded from the definition of "new benefit increase". Amends the State Mandates Act to require implementation without reimbursement by the State. Effective immediately.

PENSIONS-VARIOUS

Rep. Steven Reick [R]

Date	Chamber	Action
2024-04-05	House	Rule 19(a) / Re-referred to Rules Committee
2024-03-12	House	Assigned to Personnel & Pensions Committee
2024-02-09	House	Referred to Rules Committee
2024-02-09	House	First Reading
2024-02-09	House	Filed with the Clerk by Rep. Steven Reick

Chapter	Article	Section	Citation Type	Statute Text
30	805	8.47	New Code	See Bill Text
40	5	1-103.3	Amended Code	Citation Text
40	5	1-160	Amended 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	14-152.1	Amended Code	Citation Text
40	5	15-111	Amended Code	Citation Text
40	5	15-155	Amended Code	Citation Text
40	5	15-198	Amended Code	Citation Text
40	5	16-158	Amended Code	Citation 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	18-128.01	Amended Code	Citation Text
40	5	18-131	Amended Code	Citation 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	2-162	Amended Code	Citation Text

Type	Source
Summary	https://www.ilga.gov/legislation/BillStatus.asp?DocNum=5448&GAID=17&DocTypeID=HB&SessionID=112&GA=103
Text	https://www.ilga.gov/legislation/103/HB/10300HB5448.htm