Legislation

Legislation

Please note: SURS does not endorse specific pension reform legislation. Our goal is to update and educate SURS members concerning legislation that may affect their retirement benefits.

HB 2441

State Serial Long Term Pension Obligation Bonds

HB 2441 authorizes the issuance of $105.620 billion in State Serial Long Term Pension Obligation Bonds to bring the funded status of the state pension systems up to 90 percent of assets to liabilities. (Currently, SURS is approximately funded at 40 percent of assets to liabilities.)

Specifically, HB 2441 amends the General Obligation Bond Act to authorize the issuance of $105.620...

HB 2452

Tier I Social Security Benefit Buyout Option

HB 2452 creates a voluntary buyout option whereby an eligible SURS member receives 50 percent of the difference between the present value of his or her Tier I retirement benefits and estimated Social Security benefits in exchange for a retirement annuity equal to estimated Social Security benefits with reduced and delayed automatic annual increases.

Specifically, HB 2452 creates a Tier...

HB 2460

Investment Policies – Sustainability Factors

HB 2460 amends the General Provisions article of the Illinois Pension Code to require investment policies to include sustainability factors to be applied in evaluating investment decisions.

Specifically, HB 2460 requires every retirement system, pension fund, or investment board subject to the Illinois Pension Code to adopt a written investment policy and file a copy of that policy with...

HB 2547

Racial Bias, Discrimination, and Harassment Omnibus

HB 2547 amends the State Officials and Employees Ethics Act. It establishes that all persons have a right to work in an environment free from racial discrimination and harassment. All persons subject to the Act are prohibited from racially discriminating against or harassing any person, regardless of any employment relationship or lack thereof. Any person who violates the prohibition on...

HJRCA 0021

Protect Accrued and Payable Pension and Retirement Benefits

HJRCA 21 resolves by the Illinois House of Representatives, with the concurrence of the Illinois Senate, that there must be submitted to the electors of the state for adoption or rejection at the general election next occurring at least six months after adoption of the resolution a proposition to amend Article XIII, Section 5 of the Illinois Constitution to only protect accrued and payable...

HB 2592

No Elected Official Participation in Public Retirement Systems

HB 2592 amends the General Provisions article of the Illinois Pension Code to prohibit newly elected or appointed officials from participating in any public pension fund or public retirement system with respect to that service.

Specifically, HB 2592 establishes that, notwithstanding any other provision of the Illinois Pension Code to the contrary, a person may not participate in any...

HB 2664

RUUPA – Trailer Bill for Public Retirement Systems

HB 2664 amends the Revised Uniform Unclaimed Property Act to ensure that annuity, pension and benefit funds held in a fiduciary capacity by or on behalf of public retirement systems remain in their respective trusts.

Public retirement systems were previously exempt from the Uniform Distribution of Unclaimed Property Act. However, this exemption did not carry over to the newly created...

HB 2740

Supplemental Defined Contribution Plan

HB 2740 amends multiple provisions of the Illinois Pension Code to create supplemental defined contribution plans for each of the state-funded retirement systems.

As it relates to SURS, HB 2740 requires the SURS Board of Trustees, within one year after the effective date of the legislation, to establish and maintain a defined contribution plan to address the retirement preparedness gap...

HB 2749

Alternative Retirement Plan – Local Control of Benefits

HB 2749 amends multiple provisions of the Illinois Pension Code to create an alternative retirement plan, the costs and benefits of which are determined by local employers, under many of the public pension funds and public retirement systems.

As it relates to SURS, HB 2749 authorizes the board of trustees of a community college district that is an employer under Article 15 of the...

HB 2902

Tier II SURS Public Safety Retire at 60

HB 2902 allows Tier II police officers and Tier II firefighters in SURS to retire at age 60 with 20 years of service, if eligible for the retirement annuity calculation for police officers and firefighters under SURS.

Specifically, HB 2902 amends the State Universities Retirement System article of the Illinois Pension Code to establish that a Tier II member who has at least 20 years of...

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