Bill Title: Amends the Illinois Pension Code. Requires the General Assembly Retirement System to automatically enroll its newly eligible employees in a self-managed program of retirement benefits instead of the program of retirement benefits currently offered and allows currently eligible employees to elect to participate in the self-managed program. Provides that a self-managed plan shall authorize a participating employee to accumulate assets for retirement through a combination of employer and employee contributions that may be invested at the employee's direction in mutual funds, collective investment funds, or other investment products and used to purchase annuity contracts. Provides that, to the extent that the changes made by the amendatory Act are determined to be a new benefit increase, the changes are exempt from the 5-year expiration provision. Effective immediately.

Spectrum: Partisan Bill (Democrat 6-0)

Status: (Introduced - Dead) 2009-05-31 - Rule 19(a) / Re-referred to Rules Committee [HB3798 Detail]

Text: Latest bill text (Introduced) [HTML]

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Sponsors

Name	Type	Sponsorship	District	Financial	Encyclopedia	Biography
Representative Jack Franks [D]	Sponsor	Sponsored Bills	HD-063	FollowTheMoney	Ballotpedia	VoteSmart
Representative Karen May [D]	Sponsor	Sponsored Bills	HD-058	FollowTheMoney	Ballotpedia	VoteSmart
Representative Keith Farnham [D]	Sponsor	Sponsored Bills	HD-043	FollowTheMoney	Ballotpedia	VoteSmart
Representative Kevin McCarthy [D]	Sponsor	Sponsored Bills	HD-037	FollowTheMoney	Ballotpedia	VoteSmart
Representative Linda LaVia [D]	Sponsor	Sponsored Bills	HD-083	FollowTheMoney	Ballotpedia	VoteSmart
Representative Michael Madigan [D]	Sponsor	Sponsored Bills	HD-022	FollowTheMoney	Ballotpedia	VoteSmart

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