PENCD-DEFINED CONTRIBUTION PLN House SponsorsRep. Joe Sosnowski 1/10/2023HouseSession Sine Die 40 ILCS 5/2-105.3 new40 ILCS 5/2-165.5 new40 ILCS 5/14-103.43 new40 ILCS 5/14-155.5 new40 ILCS 5/15-200.5 new40 ILCS 5/16-106.42 new40 ILCS 5/16-205.5 new40 ILCS 5/18-110.1 new40 ILCS 5/18-110.2 new40 ILCS 5/18-121.5 new40 ILCS 5/2-105.1 rep. Amends the General Assembly, State Employee, State Universities, Downstate Teachers, and Judges Articles of the Illinois Pension Code. Requires the Board of each System to establish and maintain a voluntary defined contribution plan to address the retirement preparedness gap for participants in a defined benefit plan who are not on track to maintain their standard of living in retirement. Provides that the contribution rate shall be established by the Board. Provides that the plan shall exist and serve in addition to other retirement, pension, and benefit plans established under the Code. Provides that any Tier 2 participant who first becomes a participant on or after establishment of the plan shall automatically be enrolled, unless he or she opts out within 60 days after first becoming a participant. Authorizes Tier 1 participants and Tier 2 participants who first became participants before the plan was established to enroll in the plan. Contains provisions concerning investment options, qualified plan status, and distribution requirements. Defines terms and repeals a definition added by Public Act 98-599, which has been held unconstitutional. Effective immediately. 2/19/2021HouseFiled with the Clerk by Rep. Joe Sosnowski 2/22/2021HouseFirst Reading 2/22/2021HouseReferred to Rules Committee 3/16/2021HouseAssigned to Personnel & Pensions Committee 3/27/2021HouseRule 19(a) / Re-referred to Rules Committee 1/10/2023HouseSession Sine Die