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 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 1952

Repeal 3% Rule and Re-Enact 6% Rule

House Amendment #1 to SB 1952 removes provisions of the bill that repeal the 3% rule and re-enact the 6% rule.

As it passed the Senate, 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...

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 2062

Investment Policies – Sustainability Factors

Senate Amendment #2 to SB 2062 modifies the description of human capital factors to include responsible contractor and responsible bidder policies. 

As amended by Senate Amendment #1, SB 2062 amends the General Provisions article of the Illinois Pension Code to require investment policies to include sustainability factors to be considered in evaluating investment decisions.

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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...

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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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...

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...

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