Legislation 99th General Assembly (2015-2016)
House
HB 0422 - Actuarial Experience Study Every Three Years Became Public Act 99-0232 on 8/3/2015 HB 422 requires the actuarial experience study to occur at least once every three years (instead of at least once every five years) for the General Assembly Retirement System, State Employees Retirement System, State Universities Retirement System, Teachers Retirement System, and Judges Retirement System. Status:Click Here |
HB 3484 - State Retirement Systems Administrative Technical Changes Became Public Act 99-0450 on 8/24/2015 HB 3484 makes the following technical changes to strengthen the oversight and administration of the State Universities Retirement System ("SURS"):
HB 3484 makes technical changes for three of the other State-funded retirement systems (General Assembly Retirement System, State Employees Retirement System, and Teachers Retirement System). Status:Click Here |
HB 4259 - SURS Participation Limited to Public Employees Became Public Act 99-0830 on 8/19/2016 HB 4259 excludes individuals who begin employment with the following employers on or after the effective date from participation under SURS: certain associations of community college boards, the Association of Illinois Middle-Grade Schools, the Illinois Association of School Administrators, the Illinois Association for Supervision and Curriculum Development, the Illinois Principals Association, the Illinois Association of School Business Officials, the Illinois Special Olympics, and any entity not defined as an employer. HB 4259 also gives the SURS Board of Trustees final determination as to whether a person is an employee covered under SURS. HB 4259 makes similar changes to the Illinois Municipal Retirement Fund and the Teachers Retirement System. Status:Click Here |
HB 6021 - Election to Restore Survivors Insurance BenefitsBecame Public Act 99-0682 on 7/29/2016 HB 6021 allows eligible SURS retirees to restore their survivors insurance benefits by making a one-time, irrevocable election to repay their survivors refund or additional annuity, along with interest compounded at the actuarially assumed rate of return (7.25%), to SURS. The compounded interest applies from the date of issuance of the refund to the SURS retiree, or the date of issuance of each additional annuity payment to the SURS retiree, until the date of repayment to SURS. Full repayment must be made to SURS by the earlier of: 24 months after the date of the election, or the date of the retiree’s death. Eligible retirees have one year, beginning five months after the effective date of the legislation, to irrevocably elect to restore their survivors insurance Under HB 6021, an eligible SURS retiree must meet the following requirements:
HB 6021 makes similar changes to the Illinois Municipal Retirement Fund and Teachers Retirement System. HB 6021 is very similar to House Bill 2520 of the 99th General Assembly, as introduced. Status: Click Here |
HB 6030 - Deceased Annuitant Identification ProcessBecame Public Act 99-0683 on 7/29/2016 HB 6030 requires each pension fund and retirement system under the Illinois Pension Code, except for downstate police and firefighters pension funds, to develop and implement, by June 30, 2017, a process to identify deceased annuitants. Specifically, HB 6030 requires the pension fund or retirement system to check for deceased annuitants at least once per month and to use common methods to identify deceased persons, including:
HB 6030 also amends the Vital Records Act to require any information contained in the State vital records to be made available, at no cost, to any pension fund or retirement system under the Illinois Pension Code for administrative purposes. Status:Click Here |
HJR 137 - SURS 75th AnniversaryHJR 137 congratulates the State Universities Retirement System on its 75th Anniversary. Status:Click Here |
HR 0146 - Urge Federal Repeal of the Government Pension Offset and Windfall Elimination ProvisionHR 146 urges the United States Congress to introduce and pass legislation repealing the Government Pension Offset and the Windfall Elimination Provision. These federal laws reduce the Social Security benefits of certain public sector retirees and their survivors. Status:Click Here |
HR 0531 - Fee Reductions for Reductions in State Aid to MunicipalitiesHR 531 urges members of the General Assembly not to implement any cuts to State aid to municipalities unless those cuts are matched by equally proportionate reductions in fees for financial services paid by State agencies, including fees for all financial services, including cash management, investment management, and debt management. Additionally, HR 531 urges that, if the General Assembly cuts State aid to municipalities, all State agencies request that the firms that provide financial services to them reduce fees by an equally proportionate amount. Lastly, HR 531 urges State agencies not to make any payments to firms that refuse to reduce fees for financial services by the set amount until they have first met all of their other financial obligations, including fully funding public services and State aid to municipalities, paying workers, making pension fund contributions, and paying other legitimate bills. Status:Click Here |
HR 1100 - SURS 75th AnniversaryHR 1100 congratulates the State Universities Retirement System on its 75th Anniversary. Status:Click Here |
Senate
SB 0842 - Fiscal Year 2016 Budget ImplementationBecame Public Act 99-0008 on 7/9/2015 SB 842 contains budget implementation language authorizing the appropriation of $190,000,000 from the State Pensions Fund to the State Universities Retirement System as part of the annual required State contribution for Fiscal Year 2016. SB 842 also makes other changes. Status:Click Here |