97TH GENERAL ASSEMBLYState of Illinois2011 and 2012
by Rep. Elaine Nekritz
SYNOPSIS AS INTRODUCED:
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.
LRB097 23545 JDS 72554 bFISCAL NOTE ACTMAY APPLYPENSION IMPACTNOTE ACT MAYAPPLYSTATE MANDATESACT MAY REQUIREREIMBURSEMENT
A BILL FOR