summary
Introduced
01/08/2020
01/08/2020
In Committee
01/08/2020
01/08/2020
Crossed Over
Passed
Dead
01/13/2021
01/13/2021
Introduced Session
101st General Assembly
Bill Summary
Amends the Illinois Municipal Retirement Fund (IMRF) Article of the Illinois Pension Code. Authorizes the governing body of a municipality or instrumentality to provide an alternative retirement plan in lieu of or in addition to the existing plan under the Article. Provides that the alternative retirement plan may include a defined-benefit component, a defined-contribution component, or both, and may include disability or survivor benefits and any other benefits that are permitted under federal law. Provides that the alternative retirement plan is not required to provide any minimum level of benefits and need not provide any benefits at all, other than mandatory Social Security coverage if applicable. Provides that service credit received under an alternative retirement plan may not be transferred to any other fund and may not be used under the Retirement Systems Reciprocal Act (Article 20 of the Code).
AI Summary
This bill amends the Illinois Municipal Retirement Fund (IMRF) article of the Illinois Pension Code to allow the governing body of a municipality or instrumentality to provide an alternative retirement plan for its eligible new employees, either in addition to or in lieu of the existing IMRF plan. The alternative plan may include a defined-benefit component, a defined-contribution component, or both, and may include disability or survivor benefits, but is not required to provide any minimum level of benefits. Service credit under the alternative plan cannot be transferred to other pension funds or used under the Retirement Systems Reciprocal Act. The municipality or instrumentality must continue to participate in the existing IMRF plan for current participants, and cannot diminish or impair the rights or benefits of those participants.
Sponsors (1)
Last Action
Session Sine Die (on 01/13/2021)
bill text
bill summary
Loading...
bill summary
Loading...
bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.ilga.gov/legislation/BillStatus.asp?DocNum=2337&GAID=15&DocTypeID=SB&SessionID=108&GA=101 |
| State Bill Page | http://www.ilga.gov/legislation/BillStatus.asp?DocNum=2337&GAID=15&DocTypeID=SB&SessionID=108&GA=101 |
| BillText | http://www.ilga.gov/legislation/101/SB/10100SB2337.htm |
| Bill | http://www.ilga.gov/legislation/101/SB/PDF/10100SB2337.pdf |
Loading...