PEN CD-TIER III-STATE SYSTEMS House SponsorsRep. André Thapedi 1/10/2017HouseSession Sine Die 40 ILCS 5/1-16040 ILCS 5/1-163 new40 ILCS 5/2-124from Ch. 108 1/2, par. 2-12440 ILCS 5/14-13140 ILCS 5/15-155from Ch. 108 1/2, par. 15-15540 ILCS 5/16-158from Ch. 108 1/2, par. 16-15840 ILCS 5/18-131from Ch. 108 1/2, par. 18-13130 ILCS 805/8.39 new Amends the Illinois Pension Code. Creates a Tier III benefit package applicable to persons who first begin participating in one of the State-funded retirement systems on or after July 1, 2015. Provides for retirement benefits and certain employee contribution changes that supersede the corresponding provisions of the applicable retirement system. Provides that those retirement benefits may be annually increased or decreased in response to the retirement system's investment earnings. Changes the amount of the required State contributions and, in the State Universities and Downstate Teacher Articles, requires the actual employers to make contributions to amortize any unfunded liabilities arising out of their employees who are Tier III participants. Provides that, when the State's total debt service obligation for certain pension bonds has ended, any funds remaining available for the payment of that debt service shall be distributed to the 5 State-funded retirement systems, to be used to reduce their unfunded actuarial liabilities. Amends the State Mandates Act to require implementation without reimbursement. Effective immediately.Pension Note (Government Forecasting & Accountability) As of June 30, 2014, the 5 State Retirement Systems have $104.619 billion in combined unfunded liabilities at Market Value, making for a cumulative funded ratio of 42.9%. Unfortunately, the fiscal impact on HB 134 is presently indeterminable. This impact note will be updated when an actuarial cost study becomes available. 1/14/2015HouseFiled with the Clerk by Rep. André Thapedi 1/14/2015HouseFirst Reading 1/14/2015HouseReferred to Rules Committee 3/23/2016HouseAssigned to Personnel and Pensions Committee 4/4/2016HousePension Note Filed 4/8/2016HouseRule 19(a) / Re-referred to Rules Committee 1/10/2017HouseSession Sine Die