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 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...

SB 1505

Judges Keep Tier I Status

SB 1505 establishes that a person who participates in the Judges’ Retirement System prior to January 1, 2011, is deemed to be a person who first became a member or participant of the State Employees’ Retirement System, State Universities Retirement System, or Teachers’ Retirement System prior to January 1, 2011.

As it relates to SURS, under current law, a member the General Assembly...

SB 1948

3% Rule Exemptions

SB 1948 creates exemptions to the 3% rule created by Public Act 100-0587 for overload work, overtime and promotions under the State Universities Retirement System.

Public Act 100-0587 establishes that, for academic years beginning on or after July 1, 2018, the actual employer must pay the present value of the resulting increase in benefits attributable to the portion of any salary...

SB 2145

3% Rule Exemptions

SB 2145 creates exemptions to the 3% rule created by Public Act 100-0587 for participants who are 10 or more years away from retirement eligibility, overload work, overtime, and promotions under the State Universities Retirement System.

Public Act 100-0587 establishes that, for academic years beginning on or after July 1, 2018, the actual employer must pay the present value of the...

SR 0127

Oppose Tax on Retirement Income

SR 127 resolves that the Illinois Senate states its belief that the Illinois Income Tax Act should not be amended to permit taxing retirement income.

SR 127 resolves that suitable copies of the resolution be delivered to all Illinois constitutional officers, the Speaker and Minority Leader of the Illinois House of Representatives, and the President and Minority Leader of the Illinois...

SB 2165

FY 2020 Governor’s Introduced Budget

SB 2165 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. SB 2165 appropriates approximately $228,000,000 less than the certified state contribution to SURS for FY 2020.

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SB 2062

Investment Policies – Sustainability Factors

Senate Amendment #1 to SB 2062 establishes that the investment policy must include material, relevant, and decision-useful sustainability factors to be considered by the board, within the bounds of financial and fiduciary prudence, in evaluating investment decisions.  (In the original bill, the investment policy must include material, relevant, and decision-useful sustainability factors...

SB 1846

Veteran-Owned Businesses Utilization

As it relates to SURS, Senate Amendment #1 to SB 1846 makes technical changes.

SB 1846 requires public retirement systems, pension funds and investment boards to utilize veteran-owned businesses for certain contracts and services. 

Specifically, SB 1846 amends the General Provisions article of the Illinois Pension Code to add veteran-owned businesses to MWDBE utilization...

SB 1952

Repeal 3% Rule and Re-Enact 6% Rule

SB 1952 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, 1952 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 percent during the participant...

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