Friday, March 1, 2013

HB 3303

“The Illinois Policy Institute claims support from State Rep. Tom Morrison (R-Palatine), who has proposed House Bill 3303, which is based on the Institute’s pension reform plan.”

Bill Status of HB3303 98th General Assembly


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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.

Actions

2/26/2013
Filed with the Clerk by Rep. Thomas Morrison
First Reading/Referred to Rules Committee


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