Bill Status of SB 1933   104th General Assembly


Short Description:  PENCD-TRS-DEFINED CONTRIBUTION

Senate Sponsors
Sen. Robert F. Martwick

Last Action  View All Actions

DateChamber Action
  3/21/2025SenateRule 3-9(a) / Re-referred to Assignments

Statutes Amended In Order of Appearance
40 ILCS 5/16-204

Synopsis As Introduced
Amends the Downstate Teacher Article of the Illinois Pension Code. Provides that the System shall offer a defined contribution benefit to active full-time and part-time contractual members of the System who are employed by an employer eligible to participate in the defined contribution benefit under applicable law (instead of offering a defined contribution benefit to active members of the System). Makes conforming changes. Provides that a member who is automatically enrolled shall have 3% of his or her pre-tax compensation (instead of pre-tax gross compensation for each compensation period) deferred into his or her deferred compensation account. Provides that a member shall be automatically enrolled in the defined contribution benefit beginning the first day of the pay period following the close of the notice period, or as soon as practicable, unless the employee elects otherwise within the notice period (instead of the member's 30th day of employment). Defines "notice period". Makes changes concerning withdrawal of contributions and forfeiture of employer matching contributions. Provides that active members eligible to participate in the defined contribution benefit do not include employees of a department as defined in the State Employees Article.

Actions 
DateChamber Action
  2/6/2025SenateFiled with Secretary by Sen. Robert F. Martwick
  2/6/2025SenateFirst Reading
  2/6/2025SenateReferred to Assignments
  3/12/2025SenateAssigned to Pensions
  3/21/2025SenateRule 3-9(a) / Re-referred to Assignments

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