Bill Status of HB3303 98th General Assembly
Short Description: PENSION SERVICE CREDIT FREEZE
House Sponsors Rep. Thomas Morrison
Synopsis as Introduced Amends the Illinois Pension Code. With respect to the 5 State-funded retirement systems: Provides a new funding formula for State contributions, with a 100% funding goal and amortization calculated on a level dollar amount. Provides that no additional service credit may be accrued and no automatic increase in a retirement annuity shall be received. Provides that the pensionable salary of an active participant may not exceed that individual's pensionable salary as of the effective date. Provides that State-funded retirement systems shall establish self-directed retirement plans for all active participants and all employees hired on or after the effective date. Provides that all active participants shall have the option of participating in a self-directed retirement plan. Provides that these changes are controlling over any other law. Effective immediately.
Filed with the Clerk by Rep. Thomas Morrison
First Reading/Referred to Rules Committee
Commentary on Illinois Policy Institute