Bill Status of SB 2650   100th General Assembly

Short Description:  PENCD-BD OF ELECTIONS-DC PLAN

Senate Sponsors
Sen. Terry Link

Last Action  View All Actions

DateChamber Action
  1/9/2019SenateSession Sine Die

Statutes Amended In Order of Appearance
5 ILCS 375/3from Ch. 127, par. 523
5 ILCS 375/10from Ch. 127, par. 530
40 ILCS 5/14-152.1
40 ILCS 5/14-155.5 new
40 ILCS 5/20-121from Ch. 108 1/2, par. 20-121
40 ILCS 5/20-123from Ch. 108 1/2, par. 20-123
40 ILCS 5/20-124from Ch. 108 1/2, par. 20-124
40 ILCS 5/20-125from Ch. 108 1/2, par. 20-125

Synopsis As Introduced
Amends State Employee Article of the Illinois Pension Code. Requires the System to implement a defined contribution plan for employees of the Illinois State Board of Elections who are not covered by a collective bargaining agreement. Provides that the defined contribution plan shall aggregate State and employee contributions in individual participant accounts which are used for payouts after retirement. Authorizes an eligible employee of the Illinois State Board of Elections to elect to participate in the defined contribution plan instead of the defined benefit plan and to also elect to terminate all participation in the defined benefit plan and to have a specified amount credited to his or her account. Provides that State contributions shall be paid into the accounts of participants in the defined contribution plan at a rate of 3% of compensation and that State contributions, and the earnings thereon, shall vest when those contributions are paid into the participant's account. Provides that employee contributions shall be paid at a rate of 3% of compensation. Contains provisions concerning investment options; defined disability benefits; notice to eligible employees; plan sponsor; reporting; and the intent of the amendatory Act. Excludes the defined contribution plan from the definition of "new benefit increase". Makes related changes in the Retirement Systems Reciprocal Act (Article 20 of the Code) and the State Employees Group Insurance Act of 1971. Effective immediately.

Actions 
DateChamber Action
  2/8/2018SenateFiled with Secretary by Sen. Terry Link
  2/8/2018SenateFirst Reading
  2/8/2018SenateReferred to Assignments
  2/14/2018SenateAssigned to Licensed Activities and Pensions
  4/12/2018SenatePostponed - Licensed Activities and Pensions
  4/13/2018SenateRule 3-9(a) / Re-referred to Assignments
  1/9/2019SenateSession Sine Die

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