Bill Text: IL SB0459 | 2021-2022 | 102nd General Assembly | Introduced

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Bill Title: Amends the Illinois Pension Code. In the State Employee Article, provides that the System may indemnify a bank, savings and loan association, or other financial institution insured by an agency of the federal government as necessary to recover for the System any benefit overpayment that the System has made to the financial institution on behalf of a member. In the Social Security Enabling Act Article, repeals a provision requiring the submission of a report to the General Assembly covering the administration and operation of the Article during the preceding biennium. Effective immediately.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2021-04-16 - Rule 3-9(a) / Re-referred to Assignments [SB0459 Detail]

Download: Illinois-2021-SB0459-Introduced.html

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102ND GENERAL ASSEMBLY State of Illinois 2021 and 2022 SB0459 Introduced 2/23/2021, by Sen. Robert F. Martwick SYNOPSIS AS INTRODUCED:
40 ILCS 5/14-148.5 new
40 ILCS 5/21-120 rep.
Amends the Illinois Pension Code. In the State Employee Article, provides that the System may indemnify a bank, savings and loan association, or other financial institution insured by an agency of the federal government as necessary to recover for the System any benefit overpayment that the System has made to the financial institution on behalf of a member. In the Social Security Enabling Act Article, repeals a provision requiring the submission of a report to the General Assembly covering the administration and operation of the Article during the preceding biennium. Effective immediately.
LRB102 13828 RPS 19179 b
FISCAL NOTE ACT MAY APPLY PENSION IMPACT NOTE ACT MAY APPLY
A BILL FOR
SB0459 LRB102 13828 RPS 19179 b
AN ACT concerning public employee benefits.
Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
Section 5. The Illinois Pension Code is amended by adding
Section 14-148.5 as follows:
(40 ILCS 5/14-148.5 new)
Sec. 14-148.5. Indemnification of financial institution
for recovery of overpayment. The System may indemnify a bank,
savings and loan association, or other financial institution
insured by an agency of the federal government as necessary to
recover for the System any benefit overpayment that the System
has made to the financial institution on behalf of a member.
(40 ILCS 5/21-120 rep.)
Section 10. The Illinois Pension Code is amended by
repealing Section 21-120.
Section 99. Effective date. This Act takes effect upon
becoming law.