Thursday, February 21, 2013

House Bill 1271

Hearings:
Personnel and Pensions Committee Hearing Feb 21 2013 10:00AM
Stratton Building Room C-1 Springfield, IL

Personnel and Pensions Committee Hearing Feb 28 2013 3:00PM
Stratton Building Room D-1 Springfield, IL

Bill Status of HB 1271 98th General Assembly





House Sponsors
Rep.
André M. Thapedi

Synopsis as Introduced
Amends the Illinois Pension Code. Creates a Tier III benefit package applicable to persons who first begin participating in one of the State-funded retirement systems on or after July 1, 2014. Provides for retirement benefits and certain employee contribution changes that supersede the corresponding provisions of the applicable retirement system. Provides that those retirement benefits may be annually increased or decreased in response to the retirement system's investment earnings. Changes the amount of the required State contributions and, in the State Universities and Downstate Teacher Articles, requires the actual employers to make contributions to amortize any unfunded liabilities arising out of their employees who are Tier III participants. Provides that, when the State's total debt service obligation for certain pension bonds has ended, any funds remaining available for the payment of that debt service shall be distributed to the five State-funded retirement systems, to be used to reduce their unfunded actuarial liabilities. Amends the State Mandates Act to require implementation without reimbursement. Effective immediately.


Personnel and Pensions Committee - Members
98th General Assembly




Chairperson :
D
Vice-Chairperson :
D
Republican Spokesperson :
R
Member:
D
Member:
D
Member:
R
Member:
R
Member:
R
Member:
D
Member:
D

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