The following important information pertains to HB 1757 in the Illinois State Legislature:
Status
Spectrum: Partisan Bill (Republican 1-0)
Status: Introduced on February 11 2021 – 25% progression
Action: 2021-02-11 – Filed with the Clerk by Rep. David Friess
Text: Latest bill text (Introduced) [HTML]
Summary
Amends the Illinois Pension Code. With respect to the 5 State-funded Retirement Systems: requires each System to implement a Tier 3 plan by July 1, 2022 that aggregates State and employee contributions in individual participant accounts which are used for payouts after retirement. Provides that a person who becomes a participant of a System on or after July 1, 2022 shall participate in the Tier 3 plan instead of the defined benefit plan. Authorizes a Tier 1 or Tier 2 participant to elect to participate in the Tier 3 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. Makes related changes in the State Employees Group Insurance Act of 1971. Effective immediately.
Title
PEN CD-TIER 3 PLAN
Sponsors
History
| Date | Chamber | Action |
| 2021-02-11 | House | Filed with the Clerk by Rep. David Friess |
Code Citations
| Chapter | Article | Section | Citation Type | Statute Text |
| 40 | 5 | 1-160 | Amended Code | Citation Text |
| 40 | 5 | 1-161 | Amended Code | Citation Text |
| 40 | 5 | 14-103.41 | Amended Code | Citation Text |
| 40 | 5 | 14-103.44 | New Code | See Bill Text |
| 40 | 5 | 14-103.45 | New Code | See Bill Text |
| 40 | 5 | 14-152.1 | Amended Code | Citation Text |
| 40 | 5 | 14-155.5 | New Code | See Bill Text |
| 40 | 5 | 15-108.1 | Amended Code | Citation Text |
| 40 | 5 | 15-108.2 | Amended Code | Citation Text |
| 40 | 5 | 15-108.3 | New Code | See Bill Text |
| 40 | 5 | 15-198 | Amended Code | Citation Text |
| 40 | 5 | 15-200.5 | New Code | See Bill Text |
| 40 | 5 | 16-106.41 | Amended Code | Citation Text |
| 40 | 5 | 16-106.42 | New Code | See Bill Text |
| 40 | 5 | 16-106.43 | New Code | See Bill Text |
| 40 | 5 | 16-203 | Amended Code | Citation Text |
| 40 | 5 | 16-205.5 | New Code | See Bill Text |
| 40 | 5 | 18-110.1 | New Code | See Bill Text |
| 40 | 5 | 18-110.2 | New Code | See Bill Text |
| 40 | 5 | 18-110.3 | New Code | See Bill Text |
| 40 | 5 | 18-121.5 | New Code | See Bill Text |
| 40 | 5 | 18-124 | Amended Code | Citation Text |
| 40 | 5 | 18-125 | Amended Code | Citation Text |
| 40 | 5 | 18-125.1 | Amended Code | Citation Text |
| 40 | 5 | 18-127 | Amended Code | Citation Text |
| 40 | 5 | 18-128.01 | Amended Code | Citation Text |
| 40 | 5 | 18-133 | Amended Code | Citation Text |
| 40 | 5 | 18-169 | Amended Code | Citation Text |
| 40 | 5 | 2-105.3 | New Code | See Bill Text |
| 40 | 5 | 2-162 | Amended Code | Citation Text |
| 40 | 5 | 2-165.5 | New Code | See Bill Text |
| 40 | 5 | 20-121 | Amended Code | Citation Text |
| 40 | 5 | 20-123 | Amended Code | Citation Text |
| 40 | 5 | 20-124 | Amended Code | Citation Text |
| 40 | 5 | 20-125 | Amended Code | Citation Text |
| 5 | 375 | 10 | Amended Code | Citation Text |
| 5 | 375 | 3 | Amended Code | Citation Text |
Illinois State Sources
| Type | Source |
| Summary | https://www.ilga.gov/legislation/BillStatus.asp?DocNum=1757&GAID=16&DocTypeID=HB&SessionID=110&GA=102 |
| Text | http://www.ilga.gov/legislation/102/HB/10200HB1757.htm |