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 2910

Early Retirement Incentive

HB 2910 creates early retirement incentives under the State Universities Retirement System and the Teachers’ Retirement System.

Specifically, as it relates to SURS, HB 2910 allows certain Tier I members between 55 and 60 years of age under the State Universities Retirement System to elect to retire with an undiscounted retirement annuity up to five years early in exchange for accepting...

HB 3131

Annuitant Database

HB 3131 creates an annuitant database within each of the five state-funded retirement systems.

Specifically, HB 3131 requires SURS to establish and post an annuitant database on its website by July 1, 2020. The annuitant database is searchable database of the names of all persons receiving an annuity from SURS and the amount of the annuity paid by SURS to that person each month. The...

HB 3256

Tier II SURS Police Officers Retire at 50 or 55

HB 3256 allows Tier II members under SURS to retire with an undiscounted retirement annuity at age 55 with at least 10 years of service as a police officer or to retire with a discounted retirement annuity at age 50 with at least 10 years of service as a police officer.

Specifically, HB 3256 amends the State Universities Retirement System article of the Illinois Pension Code to...

HB 3376

Property Tax Relief and Pension Stabilization Fund Act

HB 3376 creates the Property Tax Relief and Pension Stabilization Fund Act. It reduces the funding target for each of the five state-funded retirement systems from 90 percent to 70 percent of assets to liabilities in state fiscal year 2045, requires the state to contribute the normal cost and unfunded liability components to the state-funded retirement systems each year, and requires a...

HB 3428

No Investments in For-Contract Companies that Contract to Shelter Migrant Children

HB 3428 amends the General Provisions Article of the Illinois Pension Code to prohibit the state-funded retirement systems from investing in for-profit companies that contract to shelter migrant children. The phrase “contract to shelter migrant children” means entering into a contract with the federal government to shelter migrant children under the federal Unaccompanied Alien Children...

HB 3518

Tier I Automatic Annual Increase Calculation

HB 3518 allows Tier I participants in retirement systems and pension funds (other than police and firefighter pension funds) to irrevocably elect to have automatic annual increases on retirement or supplemental annuities calculated as the annual unadjusted percentage increase in the consumer price index-u, except that no increase can be less than one percent or more than five percent.

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HB 3524

Tier I Offer and Consideration Pension Reform

HB 3524 offers each Tier I member the option to elect lower automatic annual increases on his or her retirement and survivors annuities, in exchange for having future salary increases count towards the calculation of his or her pension benefits, receiving a consideration payment equal to 10 percent of his or her employee contributions made before the election, and paying 10 percent less in...

HB 3718

FY 2020 Governor’s Introduced Budget

HB 3718 appropriates $1,626,692,000 for the state contribution to SURS for FY 2020. Of this amount, $1,426,692,000 comes from the General Revenue Fund and $200,000,000 comes from the State Pensions Fund. The FY 2020 certified state contribution to SURS is $1,854,692,000. HB 3718 appropriates approximately $228,000,000 less than the certified state contribution to SURS for FY 2020.

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HR 0117

Oppose Educational Pension Cost Shift

HR 117 resolves, by the Illinois House of Representatives, that the normal cost of pensions for state educators is the responsibility of the state and that the General Assembly should not use the current budget crisis as a reason to shift its financial responsibility for state pension costs to local taxpayers.

HR 117 is similar to HR 27 of the 101st General Assembly.

HB 2279

Voluntary Tier III Plan + Opt-Out + No Credit for Unused Vacation/Sick Leave

HB 2279 amends multiple articles of the Illinois Pension Code to create a voluntary Tier III plan for Tier I and Tier II members under the General Assembly Retirement System, State Employees’ Retirement System, State Universities Retirement System, Teachers’ Retirement System, and Judges’ Retirement System.

HB 2279 requires SURS to prepare and implement a Tier III plan by July 1, 2020...

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