Illinois Senate Bill 2362 (Prior Session Legislation)

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Spectrum: Partisan Bill (Democrat 2-0)
Status: Engrossed on April 19 2016 - 50% progression, died in committee
Action: 2016-04-20 - Referred to Rules Committee
Pending: House Rules Committee
Text: Latest bill text (Engrossed) [HTML]

Amends the State Universities Article of the Illinois Pension Code. Requires the System to provide advance notice to a participant in the self-managed plan of the participant's obligation to direct the investment of employee and employer contributions into one or more investment funds selected by the System at the time he or she makes his or her initial retirement plan selection. Provides that if a participant in the self-managed plan fails to direct the investment of employee and employer contributions into the various investment options offered to the participant when making his or her initial retirement election choice, the System shall invest the employee and employer contributions in a default investment fund on behalf of the participant, and the investment shall be deemed to have been made at the participant's investment direction. Provides that the participant has the right to transfer account balances out of the default investment fund during time periods designated by the System. Effective immediately.

PEN CD-SURS-SELF MANAGED PLAN

Sen. Daniel Biss [D]

Rep. Elaine Nekritz [D]

2016-04-19 - Senate - Third Reading in Senate (Y: 57 N: 0 NV: 1 Abs: 0) [PASS]

Date	Chamber	Action
2016-04-20	House	Referred to Rules Committee
2016-04-20	House	First Reading
2016-04-20	House	Chief House Sponsor Rep. Elaine Nekritz
2016-04-20	House	Arrived in House
2016-04-19	Senate	Senate Committee Amendment No. 1 Tabled Pursuant to Rule 5-4(a)
2016-04-19	Senate	Third Reading - Passed; 057-000-000
2016-04-12	Senate	Placed on Calendar Order of 3rd Reading April 13, 2016
2016-04-12	Senate	Second Reading
2016-04-08	Senate	Senate Committee Amendment No. 1 Rule 3-9(a) / Re-referred to Assignments
2016-03-17	Senate	Placed on Calendar Order of 2nd Reading April 5, 2016
2016-03-17	Senate	Do Pass as Amended Licensed Activities and Pensions; 010-000-000
2016-03-17	Senate	Senate Committee Amendment No. 2 Adopted
2016-03-16	Senate	Senate Committee Amendment No. 2 Assignments Refers to Licensed Activities and Pensions
2016-03-09	Senate	Senate Committee Amendment No. 2 Referred to Assignments
2016-03-09	Senate	Senate Committee Amendment No. 2 Filed with Secretary by Sen. Daniel Biss
2016-03-02	Senate	Senate Committee Amendment No. 1 Assignments Refers to Licensed Activities and Pensions
2016-02-18	Senate	Senate Committee Amendment No. 1 Referred to Assignments
2016-02-18	Senate	Senate Committee Amendment No. 1 Filed with Secretary by Sen. Daniel Biss
2016-02-03	Senate	Assigned to Licensed Activities and Pensions
2016-01-28	Senate	Referred to Assignments
2016-01-28	Senate	First Reading
2016-01-28	Senate	Filed with Secretary by Sen. Daniel Biss

Chapter	Article	Section	Citation Type	Statute Text
40	5	15-158.2	Amended Code	Citation Text

Type	Source
Summary	https://www.ilga.gov/legislation/BillStatus.asp?DocNum=2362&GAID=13&DocTypeID=SB&SessionID=88&GA=99
Text	https://www.ilga.gov/legislation/99/SB/09900SB2362.htm
Text	https://www.ilga.gov/legislation/99/SB/09900SB2362eng.htm
Amendment	https://www.ilga.gov/legislation/99/SB/09900SB2362sam001.htm
Amendment	https://www.ilga.gov/legislation/99/SB/09900SB2362sam002.htm
Roll Call	https://www.ilga.gov/legislation/votehistory/99/senate/09900SB2362_04192016_013000T.pdf