|Personnel and Pensions Committee Hearing Feb 21 2013
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 HB0098 98th General Assembly
Rep. Elaine Nekritz - David Harris - Sara Feigenholtz - Michael J. Zalewski - Darlene J. Senger, Kelly M. Cassidy, Robyn Gabel, Ann Williams, Linda Chapa LaVia, William Davis, Greg Harris, Luis Arroyo, Elizabeth Hernandez, Kelly Burke, Deborah Mell, Cynthia Soto and Carol A. Sente
Synopsis As Introduced
Amends the General Provisions, General Assembly, State Employee, State Universities, and Downstate Teacher Articles of the Illinois Pension Code. In the General Provisions Article, creates a cash balance plan for new hires of the State Universities and Teachers' Retirement Systems and for certain Tier II participants. Increases the retirement age for certain Tier I members and participants. Changes the conditions of eligibility for, and the amount of, automatic annual increases for Tier I retirees. Increases required employee contributions for Tier I members and participants. Limits pensionable salary for Tier I participants. Changes the required State contribution to each of the affected retirement systems so that those systems are 100% funded by 2043. Guarantees certain funding levels. In the State Universities and Downstate Teacher Articles, shifts costs to local employers. Makes other changes. Amends the State Finance Act. To the list of standardized items of appropriation, adds "State retirement contribution for annual normal cost" and "State retirement contribution for unfunded accrued liability". Defines those terms. Amends the Governor's Office of Management and Budget Act. Adds those terms to a list of classifications to be used in statements and estimates of expenditures submitted to the Office in connection with the preparation of a State budget. Amends the State Mandates Act to require implementation without reimbursement. Includes an inseverability provision. Makes other changes. Effective immediately.