Illinois Senate Bill 3278 (Prior Session Legislation)

---

Spectrum: Partisan Bill (Republican 1-0)
Status: Introduced on February 19 2016 - 25% progression, died in committee
Action: 2016-05-13 - Rule 3-9(a) / Re-referred to Assignments
Pending: Senate Assignments Committee
Text: Latest bill text (Introduced) [HTML]

Amends the General Assembly Article of the Illinois Pension Code. Defines "Tier 3 participant" as a participant who first becomes a participant on or after January 1, 2017. Requires the General Assembly Retirement System to establish, by July 1, 2016, a defined contribution plan for all Tier 3 participants. Provides that no Tier 3 participant shall be eligible to participate in the retirement plan available to Tier 1 and Tier 2 participants. Requires the System to report its progress in establishing the defined contribution plan to the Governor and the General Assembly on or before January 15, 2016. Provides that the Illinois State Board of Investment shall be the plan sponsor for the defined contribution plan. Provides that the System, its staff, its authorized representatives, and the Board of Trustees of the System shall not be liable for any information given to a Tier 3 participant concerning the defined contribution plan. Requires the defined contribution plan to provide a variety of options for payouts to retirees and their survivors. Requires the defined contribution plan to allow former participants in the plan to transfer or roll over Tier 3 participant contributions and vested State contributions into other qualified retirement plans. Contains provisions concerning maximum participant and State contributions, vesting, defined disability benefits, investment options, administrative fees, and qualified plan status. Effective immediately.

GARS-DEFINED CONTRIBUTION PLAN

Sen. Jim Oberweis [R]

Date	Chamber	Action
2016-05-13	Senate	Rule 3-9(a) / Re-referred to Assignments
2016-04-22	Senate	Rule 2-10 Committee/3rd Reading Deadline Established As May 13, 2016
2016-04-08	Senate	Rule 2-10 Committee Deadline Established As April 22, 2016
2016-03-10	Senate	To Subcommittee on Special Issues (EX)
2016-03-08	Senate	Assigned to Executive
2016-02-19	Senate	Referred to Assignments
2016-02-19	Senate	First Reading
2016-02-19	Senate	Filed with Secretary by Sen. Jim Oberweis

Chapter	Article	Section	Citation Type	Statute Text
40	5	2-105.1	Amended Code	Citation Text
40	5	2-165.50	New Code	See Bill Text

Type	Source
Summary	https://www.ilga.gov/legislation/BillStatus.asp?DocNum=3278&GAID=13&DocTypeID=SB&SessionID=88&GA=99
Text	https://www.ilga.gov/legislation/99/SB/09900SB3278.htm