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 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 3308

Sports Wagering Act

House Amendment #4 to HB 3308 creates the Illinois Lottery Sports Wagering Act. As it relates to SURS, HA #4 requires the privilege tax on sports wagering revenue to be deposited in equal amounts to the Pension Stabilization Fund, the Common School Fund, and the State Construction Account Fund. (The Pension Stabilization Fund is used to transfer moneys to the State Employees’ Retirement...

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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HB 3854

Maximum Dollar Limit for Retirement Benefits

HB 3854 amends the General Provisions article of the Illinois Pension Code to limit the total amount of retirement annuity or pension benefits that any person who first becomes a participant in any retirement system or pension fund on or after the effective date of the legislation can receive to $132,900 in any year. Thereafter, the $132,900 limit is annually increased by the percentage...

HB 3855

General Assembly COLA Opt-Out

HB 3855 amends the Compensation Review Act to allow members of the General Assembly to elect not to receive cost of living adjustments and to have funds associated with cost of living adjustments paid into the State Pensions Fund. (Through fiscal year 2020, the State Pensions Fund is mostly used to make the state’s required contribution to the State Universities Retirement System. Beginning...

HB 3859

Maximum Dollar Limit for Retirement Benefits

HB 3859 amends the General Provisions article of the Illinois Pension Code to limit the total amount of retirement annuity or pension benefits that any person can receive from any pension fund or retirement system to $132,900 in any year. Thereafter, the $132,900 limit is annually increased by the percentage increase (but not less than zero) in the consumer price index-u, including all...

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