Votes: IL HB2589 | 2023-2024 | 103rd General Assembly
Bill Title: Amends the Illinois Pension Code. With respect to the 5 State-funded Retirement Systems: requires each System to implement a Tier 3 plan by July 1, 2024 that aggregates State and employee contributions in individual participant accounts which are used for payouts after retirement. Provides that a person who becomes a participant of a System on or after July 1, 2024 shall participate in the Tier 3 plan instead of the defined benefit plan. Authorizes a Tier 1 or Tier 2 participant to elect to participate in the Tier 3 plan instead of the defined benefit plan and to also elect to terminate all participation in the defined benefit plan and to have a specified amount credited to his or her account. Makes related changes in the State Employees Group Insurance Act of 1971. Effective immediately.
Spectrum: Partisan Bill (Republican 1-0)
Status: (Introduced) 2023-02-15 - Referred to Rules Committee [HB2589 Detail]
Text: Latest bill text (Introduced) [HTML]
States not producing parsable votes may be available as images in Supplemental Documents.
Spectrum: Partisan Bill (Republican 1-0)
Status: (Introduced) 2023-02-15 - Referred to Rules Committee [HB2589 Detail]
Text: Latest bill text (Introduced) [HTML]
Voting Records
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No roll call record information currently on file. |