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New Bipartisan Pension Plan Bill

New Bipartisan Pension Plan Bill

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Published by Zoe Galland
Details of a plan to bring together the Illinois House, Senate and Gov. to enact pension reform.
Details of a plan to bring together the Illinois House, Senate and Gov. to enact pension reform.

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Published by: Zoe Galland on Dec 05, 2012
Copyright:Attribution Non-commercial


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97TH GENERAL ASSEMBLYState of Illinois2011 and 2012
by Rep. Elaine Nekritz
See IndexAmends the General Provisions, General Assembly, State Employee, StateUniversities, and Downstate Teacher Articles of the Illinois Pension Code.In the General Provisions Article, creates a cash balance plan for newhires of the State Universities and Teachers' Retirement Systems and forcertain Tier II participants. Increases the retirement age for certain TierI members and participants. Changes the conditions of eligibility for, andthe amount of, automatic annual increases for Tier I retirees. Increasesrequired employee contributions for Tier I members and participants. Limitspensionable salary for Tier I participants. Changes the required Statecontribution to each of the affected retirement systems so that thosesystems are 100% funded by 2043. Guarantees certain funding levels. In theState Universities and Downstate Teacher Articles, shifts costs to localemployers. Makes other changes. Amends the State Finance Act. To the listof standardized items of appropriation, adds "State retirementcontribution for annual normal cost" and "State retirement contribution forunfunded accrued liability". Defines those terms. Amends the Governor'sOffice of Management and Budget Act. Adds those terms to a list ofclassifications to be used in statements and estimates of expendituressubmitted to the Office in connection with the preparation of a Statebudget. Amends the State Mandates Act to require implementation withoutreimbursement. Includes an inseverability provision. Makes other changes.Effective immediately.
AN ACT concerning public employee benefits.
Be it enacted by the People of the State of Illinois,represented in the General Assembly:
Section 5. The Governor's Office of Management and BudgetAct is amended by changing Sections 7 and 8 as follows:(20 ILCS 3005/7) (from Ch. 127, par. 417)Sec. 7. All statements and estimates of expendituressubmitted to the Office in connection with the preparation of aState budget, and any other estimates of expenditures,supporting requests for appropriations, shall be formulatedaccording to the various functions and activities for which therespective department, office or institution of the Stategovernment (including the elective officers in the executivedepartment and including the University of Illinois and thejudicial department) is responsible. All such statements andestimates of expenditures relating to a particular function oractivity shall be further formulated or subject to analysis inaccordance with the following classification of objects:(1) Personal services(2) State contribution for employee group insurance(3) Contractual services(4) Travel(5) Commodities1234567891011121314151617181920212223HB6258 LRB097 23545 JDS 72554 b
(6) Equipment(7) Permanent improvements(8) Land(9) Electronic Data Processing(10) Telecommunication services(11) Operation of Automotive Equipment(12) Contingencies(13) Reserve(14) Interest(15) Awards and Grants(16) Debt Retirement(17) Non-cost Charges.(18) State retirement contribution for annual normal cost(19) State retirement contribution for unfunded accruedliability.(Source: P.A. 93-25, eff. 6-20-03.)(20 ILCS 3005/8) (from Ch. 127, par. 418)Sec. 8. When used in connection with a State budget orexpenditure or estimate, items (1) through (16) in theclassification of objects stated in Section 7 shall have themeanings ascribed to those items in Sections 14 through 24.7,respectively, of the State Finance Act. "An Act in relation toState finance", approved June 10, 1919, as amended.When used in connection with a State budget or expenditureor estimate, items (18) and (19) in the classification of12345678910111213141516171819202122232425- 2 -HB6258 LRB097 23545 JDS 72554 b

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