98TH GENERAL ASSEMBLY
State of Illinois
2013 and 2014
HB4476
 
Introduced , by Rep. Jeanne M Ives
 
SYNOPSIS AS INTRODUCED:
 

 
40 ILCS 5/2-166
40 ILCS 5/14-156
40 ILCS 5/15-201
40 ILCS 5/16-206

     Amends the General Assembly, State Employee, State Universities, and the Downstate Teacher Articles of the Illinois Pension Code. Provides that if the defined contribution plan becomes inoperative pursuant to law (currently, being terminated or becoming inoperative pursuant to law), then each participant will be automatically deemed to be a contributing Tier 1 participant and the System shall be entitled to recover the amounts in the participant's defined contribution accounts.  
  


LRB098 15763 RPS 50795 b

FISCAL NOTE ACT MAY APPLY
PENSION IMPACT NOTE ACT MAY APPLY
 
 
A BILL FOR
 

  
HB4476LRB098 15763 RPS 50795 b


  
1    AN ACT concerning pensions.
  
 
2    Be it enacted by the People of the State of Illinois,
 
3represented in the General Assembly:
  

  
 
4    Section 5. The Illinois Pension Code is amended by changing 
5Sections 2-166, 14-156, 15-201, and 16-206 as follows:
 
6    (40 ILCS 5/2-166)
7    (This Section may contain text from a Public Act with a 
8delayed effective date)
9    Sec. 2-166. Defined contribution plan; inoperative plan 
10termination. If the defined contribution plan is terminated or 
11becomes inoperative pursuant to law, then each participant in 
12the plan shall automatically be deemed to have been a 
13contributing Tier 1 participant in the System's defined benefit 
14plan during the time in which he or she participated in the 
15defined contribution plan, and for that purpose  the System 
16shall be entitled to recover the amounts in the participant's 
17defined contribution accounts.

18(Source: P.A. 98-599, eff. 6-1-14.)
 
19    (40 ILCS 5/14-156)
20    (This Section may contain text from a Public Act with a 
21delayed effective date)
22    Sec. 14-156. Defined contribution plan; inoperative plan 
 
 
HB4476- 2 -LRB098 15763 RPS 50795 b

1termination. If the defined contribution plan is terminated or 
2becomes inoperative pursuant to law, then each participant in 
3the plan shall automatically be deemed to have been a 
4contributing Tier 1 member in the System's defined benefit plan 
5during the time in which he or she participated in the defined 
6contribution plan, and for that purpose  the System shall be 
7entitled to recover the amounts in the participant's defined 
8contribution accounts.

9(Source: P.A. 98-599, eff. 6-1-14.)
 
10    (40 ILCS 5/15-201)
11    (This Section may contain text from a Public Act with a 
12delayed effective date)
13    Sec. 15-201. Defined contribution plan; inoperative plan 
14termination. If the defined contribution plan is terminated or 
15becomes inoperative pursuant to law, then each participant in 
16the plan shall automatically be deemed to have been a 
17contributing Tier 1 member participating in the System's 
18defined benefit plan during the time in which he or she 
19participated in the defined contribution plan, and for that 
20purpose  the System shall be entitled to recover the amounts in 
21the participant's defined contribution accounts.

22(Source: P.A. 98-599, eff. 6-1-14.)
 
23    (40 ILCS 5/16-206)
24    (This Section may contain text from a Public Act with a 
 
 
HB4476- 3 -LRB098 15763 RPS 50795 b

1delayed effective date)
2    Sec. 16-206. Defined contribution plan; inoperative plan 
3termination. If the defined contribution plan is terminated or 
4becomes inoperative pursuant to law, then each participant in 
5the plan shall automatically be deemed to have been a 
6contributing Tier 1 member in the System's defined benefit plan 
7during the time in which he or she participated in the defined 
8contribution plan, and for that purpose  the System shall be 
9entitled to recover the amounts in the participant's defined 
10contribution accounts.

11(Source: P.A. 98-599, eff. 6-1-14.)