PENCD-STATE SYS-DC PLAN
Summary
Amends the General Assembly, State Employees, State Universities, Downstate Teachers, and Judges Articles of the Illinois Pension Code. Requires each System to prepare and implement a defined contribution plan by July 1, 2023 that aggregates State and employee contributions in individual participant accounts that are used for payouts after retirement. Provides that persons who first become participants on or after July 1, 2023 shall participate in the defined contribution plan in lieu of the defined benefit plan. Makes related changes in the State Employees Group Insurance Act of 1971. Effective immediately.
Bill status
failed
1 of 4 stages cleared
Introduction
Feb 2021
Committee Review
Floor Vote
Governor
Introduced Feb 26, 2021
Last action Jan 10, 2023
Floor votes
How they voted
No floor votes recorded yet.
Full legislative history
Actions timeline
Total actions
7
Key actions
0
Committee
3
Apr 16, 2021
Committee
Rule 3-9(a) / Re-referred to Assignments
upper
Mar 23, 2021
Committee
Assigned to Pensions
upper
Feb 26, 2021
Committee
Referred to Assignments
upper
1 primary · 1 co-sponsor
Sponsors
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