Bill Text: IL HB2975 | 2021-2022 | 102nd General Assembly | Introduced
Bill Title: Amends the General Assembly and Judges Articles of the Illinois Pension Code. Provides that an administrative fee equal to 4.95% of the amount of the annuity payment shall be applied to every annuity payment made on or after the effective date of the amendatory Act. Provides that the amendatory Act applies without regard to whether the person receiving the annuity was in service on or after the effective date of the amendatory Act. Effective immediately.
Spectrum: Partisan Bill (Republican 1-0)
Status: (Introduced - Dead) 2021-03-27 - Rule 19(a) / Re-referred to Rules Committee [HB2975 Detail]
Download: Illinois-2021-HB2975-Introduced.html
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1 | AN ACT concerning public employee benefits.
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2 | Be it enacted by the People of the State of Illinois,
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3 | represented in the General Assembly:
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4 | Section 5. The Illinois Pension Code is amended by adding | ||||||||||||||||||||||||||
5 | Sections 2-126.6 and 18-133.5 as follows:
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6 | (40 ILCS 5/2-126.6 new) | ||||||||||||||||||||||||||
7 | Sec. 2-126.6. Administrative fee. Notwithstanding any | ||||||||||||||||||||||||||
8 | other provision of this Article to the contrary, for every | ||||||||||||||||||||||||||
9 | annuity payment made on or after the effective date of this | ||||||||||||||||||||||||||
10 | amendatory Act of the 102nd General Assembly, an | ||||||||||||||||||||||||||
11 | administrative fee equal to 4.95% of the amount of the annuity | ||||||||||||||||||||||||||
12 | payment shall be applied. Notwithstanding Section 1-103.1, | ||||||||||||||||||||||||||
13 | this Section applies without regard to whether the person | ||||||||||||||||||||||||||
14 | receiving the annuity was in service on or after the effective | ||||||||||||||||||||||||||
15 | date of this amendatory Act of the 102nd General Assembly.
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16 | (40 ILCS 5/18-133.5 new) | ||||||||||||||||||||||||||
17 | Sec. 18-133.5. Administrative fee. Notwithstanding any | ||||||||||||||||||||||||||
18 | other provision of this Article to the contrary, for every | ||||||||||||||||||||||||||
19 | annuity payment made on or after the effective date of this | ||||||||||||||||||||||||||
20 | amendatory Act of the 102nd General Assembly, an | ||||||||||||||||||||||||||
21 | administrative fee equal to 4.95% of the amount of the annuity | ||||||||||||||||||||||||||
22 | payment shall be applied. Notwithstanding Section 1-103.1, |
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1 | this Section applies without regard to whether the person | ||||||
2 | receiving the annuity was in service on or after the effective | ||||||
3 | date of this amendatory Act of the 102nd General Assembly.
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4 | Section 99. Effective date. This Act takes effect upon | ||||||
5 | becoming law.
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