IL HB5472 | 2017-2018 | 100th General Assembly
Status
Completed Legislative Action
Spectrum: Partisan Bill (Democrat 1-0)
Status: Failed on January 8 2019 - 100% progression
Action: 2019-01-08 - Session Sine Die
Text: Latest bill text (Introduced) [HTML]
Spectrum: Partisan Bill (Democrat 1-0)
Status: Failed on January 8 2019 - 100% progression
Action: 2019-01-08 - Session Sine Die
Text: Latest bill text (Introduced) [HTML]
Summary
Amends the State Employee, State Universities, and Downstate Teacher Articles of the Illinois Pension Code. Requires each System to implement an accelerated pension benefit payment option for Tier 1 members who have submitted an application for a retirement annuity and meet other requirements. Requires each System to offer an eligible Tier 1 member the opportunity to irrevocably elect to have his or her automatic annual increases in retirement annuity calculated using the Tier 2 formula in exchange for an accelerated pension benefit payment equal to 70% of the difference of the present value of the automatic annual increases in the Tier 1 member's retirement annuity using the formula applicable to the Tier 1 member and the present value of the automatic annual increases in the Tier 1 member's retirement annuity using the Tier 2 formula. Contains provisions concerning definitions; return to active service; depositing the payments into other qualified retirement plans; qualified plan status; and rulemaking. Excludes the amendatory Act from the definition of "new benefit increase". Adds provisions defining "Tier 1 member" and repeals the definitions of "Tier 1 member" added by Public Act 98-599, which has been held unconstitutional. Effective immediately.
Title
PEN CD-ACCEL BENEFIT PAYMENT
Sponsors
History
Date | Chamber | Action |
---|---|---|
2019-01-08 | House | Session Sine Die |
2018-02-16 | House | Referred to Rules Committee |
2018-02-16 | House | First Reading |
2018-02-16 | House | Filed with the Clerk by Rep. Robert Martwick |
Code Citations
Chapter | Article | Section | Citation Type | Statute Text |
---|---|---|---|---|
40 | 5 | 14-103.40 | Repealed Code | Citation Text |
40 | 5 | 14-103.41 | New Code | See Bill Text |
40 | 5 | 14-147.5 | New Code | See Bill Text |
40 | 5 | 14-152.1 | Amended Code | Citation Text |
40 | 5 | 15-185.5 | New Code | See Bill Text |
40 | 5 | 15-198 | Amended Code | Citation Text |
40 | 5 | 16-106.4 | Repealed Code | Citation Text |
40 | 5 | 16-106.41 | New Code | See Bill Text |
40 | 5 | 16-190.5 | New Code | See Bill Text |
40 | 5 | 16-203 | Amended Code | Citation Text |
Illinois State Sources
Type | Source |
---|---|
Summary | https://www.ilga.gov/legislation/BillStatus.asp?DocNum=5472&GAID=14&DocTypeID=HB&SessionID=91&GA=100 |
Text | https://www.ilga.gov/legislation/100/HB/10000HB5472.htm |