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.

SB 2060

Emerging Investment Manager Goals – Total Fees Paid

SB 2060 requires goals for the utilization of emerging investment managers to be based on the percentage of total fees paid for (instead of the dollar amount of) assets under management.

Specifically, SB 2060 amends the General Provisions article of the Illinois Pension Code to establish that, by January 1, 2020 (currently, January 1, 2010), a retirement system, pension fund, or...

SB 0060

Repeal 3% Rule and Re-Enact 6% Rule

SB 60 amends the State Universities Retirement System and Teachers’ Retirement System Articles of the Illinois Pension Code to repeal the 3% rule and re-enact the 6% rule.

Specifically, SB 60 repeals the requirement that employers pay the present value of the resulting increase in benefits attributable to the portion of any salary increases in excess of 3% during the participant’s final...

SB 0178

State Serial Long-Term Pension Obligation Bonds

SB 178 authorizes the issuance of $120.015 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, SB 178 amends the General Obligation Bond Act to authorize the issuance of $120.015...

SB 1187

Right to Shop Act

SB 1187 creates the Right to Shop Act. As it relates to SURS, SB 1187 requires the director of Central Management Services to conduct an analysis of the cost effectiveness of implementing an incentive-based program for enrollees and retirees of the state group health benefits plan offered under the State Employees Group Insurance Act of 1971. The analysis must be conducted no later than one...

SB 1264

RUUPA – Trailer Bill for Public Retirement Systems

SB 1264 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...

SB 1265

SURS Technical Corrections Bill

SB 1265 is an initiative of SURS that makes three technical changes under Article 15 of the Illinois Pension Code.

First, SB 1265 amends the definition of an “employee” under Section 15-107 to mirror a change to the definition of an “employer” under Section 15-106 by Public Act 100-0611 (which allowed certain legacy employees within the newly created Department of Innovation and...

SJRCA 0009

Protect Accrued and Payable Pension and Retirement Benefits

SJRCA 9 resolves by the Illinois Senate, with the concurrence of the Illinois House of Representatives, 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...

SB 1485

Racial Bias, Discrimination and Harassment Omnibus

SB 1485 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...

SB 1671

Emerging Manager RFP Exemption

SB 1671 exempts contracts for investment services with emerging investment managers from the competitive bidding requirements of the Illinois Pension Code.

Specifically, SB 1671 amends the General Provisions article of the Illinois Pension Code to provide that an emerging investment manager who manages an investment portfolio of less than $10 million or more than $10 billion will remain...

SB 1698

Public Retirement Systems Broadcast Open Meetings

SB 1698 requires certain public pension funds and retirement systems to broadcast and maintain audio and video of their open meetings in real-time on their websites.

Specifically, SB 1698 amends the General Provisions article of the Illinois Pension Code to require any open meeting of the board of trustees of a retirement system or pension fund or any committee thereof to be broadcast...

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