Illinois Senate Bill 3549 (Prior Session Legislation)

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Completed Legislative Action
Spectrum: Partisan Bill (Republican 1-0)
Status: Failed on January 13 2015 - 100% progression
Action: 2015-01-13 - Session Sine Die
Text: Latest bill text (Introduced) [HTML]

Amends the Illinois Pension Code. With respect to the 5 State-funded retirement systems: Provides a new funding formula for State contributions, with a funding goal of 100% for fiscal years 2016 through 2047 and 90% thereafter. 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. In the Sections that were amended by Public Act 98-599, deletes the changes made by Public Act 98-599.

PENS CD-FUNDING GOAL

Sen. Kyle McCarter [R]

Date	Chamber	Action
2015-01-13	Senate	Session Sine Die
2014-03-28	Senate	Rule 3-9(a) / Re-referred to Assignments
2014-03-21	Senate	Postponed - Executive; Subcommittee on Special Issues
2014-03-06	Senate	To Subcommittee on Special Issues (EX)
2014-03-05	Senate	Assigned to Executive
2014-02-14	Senate	Referred to Assignments
2014-02-14	Senate	First Reading
2014-02-14	Senate	Filed with Secretary by Sen. Kyle McCarter

Chapter	Article	Section	Citation Type	Statute Text
40	5	1-161	New Code	See Bill Text
40	5	14-131	Amended Code	Citation Text
40	5	15-155	Amended Code	Citation Text
40	5	16-158	Amended Code	Citation Text
40	5	18-131	Amended Code	Citation Text
40	5	2-124	Amended Code	Citation Text

Type	Source
Summary	https://www.ilga.gov/legislation/BillStatus.asp?DocNum=3549&GAID=12&DocTypeID=SB&SessionID=85&GA=98
Text	https://www.ilga.gov/legislation/98/SB/09800SB3549.htm