Bill Text: IL HB5450 | 2023-2024 | 103rd General Assembly | Chaptered
Bill Title: Reinserts the contents of the introduced bill with the following changes. With respect to the Section concerning reports on cost reduction in the Illinois Pension Code, provides that, on and after December 31, 2026, the provisions concerning the report on the amount by which costs associated with compensable sick leave have been reduced as a result of the termination of compensable sick leave accrual on and after January 1, 1998 by employees of higher education institutions who are participants in the State Universities Retirement System are inoperative (instead of removing the provisions concerning the report). With respect to the Section concerning expenditure reporting in the Higher Education Veterans Service Act, corrects a reference to the Executive Director of the Illinois Community College Board.
Spectrum: Partisan Bill (Democrat 7-0)
Status: (Passed) 2024-08-09 - Public Act . . . . . . . . . 103-0862 [HB5450 Detail]
Download: Illinois-2023-HB5450-Chaptered.html
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| Public Act 103-0862 | ||||
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AN ACT concerning education.
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Be it enacted by the People of the State of Illinois, | ||||
represented in the General Assembly:
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Section 5. The Illinois Pension Code is amended by | ||||
changing Section 15-158.3 as follows:
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(40 ILCS 5/15-158.3) | ||||
Sec. 15-158.3. Reports on cost reduction; effect on | ||||
retirement at any age with 30 years of service. | ||||
(a) On or before November 15, 2001 and on or before | ||||
November 15th of each year thereafter, the Board shall have | ||||
the System's actuary prepare a report showing, on a fiscal | ||||
year by fiscal year basis, the actual rate of participation in | ||||
the self-managed plan authorized by Section 15-158.2, (i) by | ||||
employees of the System's covered higher educational | ||||
institutions who were hired on or after the implementation | ||||
date of the self-managed plan and (ii) by other System | ||||
participants. | ||||
(b) On or before November 15th of 2001 and on or before | ||||
November 15th of each year thereafter, the Illinois Board of | ||||
Higher Education, in conjunction with the Bureau of the Budget | ||||
(now Governor's Office of Management and Budget) shall prepare | ||||
a report showing, on a fiscal year by fiscal year basis, the | ||||
amount by which the costs associated with compensable sick | ||||
leave have been reduced as a result of the termination of | ||
compensable sick leave accrual on and after January 1, 1998 by | ||
employees of higher education institutions who are | ||
participants in the System. | ||
(c) (Blank). | ||
(d) The report required under subsection (b) shall be | ||
disseminated to the Board, the Pension Laws Commission (until | ||
it ceases to exist), the Commission on Government Forecasting | ||
and Accountability, the Illinois Board of Higher Education, | ||
and the Governor. | ||
(e) The report required under subsection (b) shall be | ||
taken into account by the Pension Laws Commission (or its | ||
successor, the Commission on Government Forecasting and | ||
Accountability) in making any recommendation to extend by | ||
legislation beyond December 31, 2002 the provision that allows | ||
a System participant to retire at any age with 30 or more years | ||
of service as authorized in Section 15-135. | ||
(f) On and after December 31, 2026, subsections (b), (d), | ||
and (e) are inoperative. | ||
(Source: P.A. 102-19, eff. 7-1-21.)
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Section 10. The Higher Education Veterans Service Act is | ||
amended by changing Section 20 as follows:
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